L.L. 2024/082
Enactment date: 7/30/2024
Int. No. 962
By Council Members Brannan, Nurse, Williams, Farías, Hudson and Sanchez
A Local Law to amend the administrative code of the city of New York, in relation to the resolution and enforcement of property tax collection and preservation of housing for certain properties
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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§ 26. a. The mayor and council shall establish a temporary task force to review the task force subjects of inquiry.
b. The task force shall consist of 10 members, as follows: the commissioner of environmental protection or his or her designee, the director of management and budget or his or her designee, the commissioner of finance or his or her designee, 2 members appointed by the mayor and 5 members appointed by the speaker of the council, 4 of whom must be a member or an employee of the council, and one of whom must be a member of the public with knowledge and experience in areas relevant to the task force subjects of inquiry. Members shall serve without compensation. The members of the task force shall be appointed no later than August 31, 2024. The chairperson shall be elected from among the members. Any vacancy shall be filled in the same manner as the original appointment for the remainder of the unexpired term. The director of management and budget, the commissioners of finance and environmental protection, and the speaker of the council may provide staff to assist the task force in the execution of its duties pursuant to this section. Members of the task force shall serve until the task force submits recommendations to the mayor and the speaker of the council pursuant to subdivision e of this section, after which time such temporary task force shall cease to exist.
c. No later than September 15, 2024, the task force shall hold its initial meeting and thereafter shall meet at least monthly, except as otherwise determined by such task force, to review, evaluate and make recommendations for legislative amendments and changes in administrative policy in relation to the task force subjects of inquiry and such other matters as the task force deems appropriate.
d. No later than May 1, 2025, the task force shall hold a public hearing to receive written and in-person comments and testimony. The task force's preliminary recommendations shall be made publicly available at least twenty days prior to such public hearing.
e. No later than September 15, 2025, the temporary task force shall submit written recommendations to the mayor and the speaker of the council regarding task force subjects of inquiry.
f. For the purposes of this section, the term “task force subjects of inquiry” shall include:
1. the effects of any trust created by the city or in which the city has an ownership or residual interest for the purposes of a negotiated sale pursuant to paragraph 2 of subdivision b of section 11-319 of the administrative code of the city of New York that was established on or before the effective date of this section;
2. potential reforms of such trusts that would:
(a) ensure the collection of tax liens is performed in an efficient, timely, and fair manner;
(b) reduce the risk that tax liens are sold to such a trust repeatedly in connection with the same property;
(c) preserve and produce affordable housing and promote homeownership; and
(d) improve transparency of operations and outcomes in the collection of tax liens;
3. whether alternatives to such trust exist, or could be developed, that would have an effect similar to the potential reforms described in paragraph 2 of this subdivision; and
4. any other related subject matters deemed relevant by the task force.
§ 27. a. For each trust created by the city or in which the city has an ownership or residual interest for the purposes of a negotiated sale pursuant to paragraph 2 of subdivision b of section 11-319 of the administrative code of the city of New York that was established on or before July 1, 2024, the department of finance shall, no later than August 1, 2024, publish on its website the following documents:
1. The declaration and agreement of trust, as such declaration and agreement may have been amended or restated;
2. Any purchase agreements, servicing agreements, paying agent and custody agreement, copies of any indenture or bonds, and bond purchase agreements, as each of such documents may have been amended or restated; and
3. The certificate of trust filed with the secretary of state of New York.
b. For any such trust created by the city or in which the city has an ownership or residual interest for the purposes of a negotiated sale pursuant to paragraph 2 of subdivision b of section 11-319 of the administrative code of the city of New York that is established after July 1, 2024, the department of finance shall publish on its website the documents described in paragraphs 1, 2 and 3 of subdivision b of this section no later than 30 days after the effective date of each such document.
c. Notwithstanding any provision of this section, no information shall be posted online that specifically identifies any property or property owner, except by zip code and a randomly generated identifier.
§ 28. This local law takes effect 90 days after it becomes law, except that:
(a) the department of finance and the department of housing preservation and development may take such measures as are necessary for the implementation of this local law, including the promulgation of rules, before such date;
(b) subdivision b, paragraph 3 of subdivision g, paragraph 1 of subdivision j, and paragraph 2 of subdivision k of section 11-322.1 of the administrative code of the city of New York, as amended by sections twelve, fifteen, twenty, and twenty-one of this local law, respectively and subdivisions f-1 and n-1 of section 11-322.1 of such code, as added by sections fourteen and twenty-two of this local law, respectively shall take effect 180 days after they become law; and
(c) section twenty-six of this local law takes effect immediately.