L.L. 1991/016

Enactment date: 2/25/1991

Int. No. 611

By Council Members Spigner and Crispino (by request of the Mayor); also Council Members Dryfoos, Foster and Leffler, Castaneira-Colon and Povman

A Local Law to amend the administrative code of the City of New York, in relation to the release by the city of property acquired by in rem tax foreclosure

Be it enacted by the Council as follows:

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[Consolidated provisions are not included in this Appendix A]

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§ 5. The in rem foreclosure release board established in section 1 of this act shall succeed to the powers of the board of estimate of the City of New York relating to the discretionary release of property acquired by the city by in rem tax foreclosure and shall exercise such powers in continuation of their exercise by such board of estimate. The in rem foreclosure release board shall determine any applications or other matters relating to such powers which were timely filed under the provisions of section 11-424 of the administrative code of the City of New York in effect prior to the effective date of this local law and which were pending on such effective date.

§ 6. This local law shall take effect immediately except that paragraph (2) of subdivision a of section 11-424 of the administrative code as added by section 2 of this local law shall take effect on the same date as a chapter of the laws of 1991 authorizing the in rem foreclosure release board, created by section 1 of this local law, to authorize the release of property, where an application for such release is made more than two years after the date of the city's acquisition thereof, subject to the adoption of a resolution by the council authorizing the board to consider such application and subject to all of the other conditions and restrictions set forth in section 11-424 of the administrative code.