🔴 LIVE: "Preserving Affordable Housing in Distress and the Third-Party Transfer Program"

New York City Council Committee on Housing and Buildings · March 10, 2026

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History and rationale for revisiting TPT

Presentation

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Chair (S1) and committee review the city’s history with in rem foreclosure and third‑party transfer (TPT): post‑1960s/70s abandonment left the city with thousands of distressed units and a costly rehabilitation burden, prompting use of municipal foreclosure authority starting in 1976 and later a TPT model beginning in 1996. Speaker 1 frames the hearing as renewing work to "reimagine the third party transfer program."

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Hearing on Intro 657 (Safer Homes Act) at the New York City Council Committee on Housing and Buildings about modernizing the third‑party transfer (TPT) program; HPD and sister agencies described new eligibility, indexing, outreach, surplus‑equity claims, tenant‑ownership pathways and safeguards while council members pressed for statutory guarantees and clarity for HDFC cooperatives and tenants.

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Transcript

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