§ 8-07 Transfer from Third Party to Tenant Ownership.
RCNY § 8-07
(a)Unless a determination has otherwise already been made, HPD shall make a determination whether or not to approve the transfer from a Third Party to Tenant ownership upon completion of the interim evaluation period. HPD will consider the following criteria when making such determination: (1) That an application was submitted to HPD pursuant to and in accordance with 28 RCNY § 8-03(e)(9); (2) The time period that has elapsed since transfer of the property to the Third Party; (3) Whether the property has been rehabilitated and permanent loan conversion has taken place; (4) The number of Tenants who have signed a petition affirming that there is a functioning Tenant organization, that they wish to own the property, and that they understand the extent of the responsibilities of ownership of the property; (5) The amount of time that a Tenant organization has been in existence at the property; (6) The number of members of the Tenant organization who have participated in any training offered by HPD, including, but not limited to, courses in building management, maintenance, and managing building finances; (7) The number of Tenants who have attended a presentation by HPD regarding ownership of the property; (8) The level of Tenant interest in ownership as indicated through subscriptions to buy units; (9) The record of payment of all existing loans, status of rent payments, and adequacy of management of the property; (10) HPD's evaluation of the progress made toward Tenant ownership during the interim evaluation period as set forth in 28 RCNY § 8-06; and (11) Any other criteria that HPD deems relevant to the request, including, but not limited to, any information provided to it by the Third Party.
