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New York City Case Study: Third Party Transfer Initiative: A Solution to Property Abandonment
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Published January 14, 2003
Author Lisa Mueller
Source Local Initiatives Support Corporation
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The City of New York has made great strides in its ongoing effort to put lien-encumbered residential buildings back on the tax rolls and back to good use. While tax liens against relatively stable properties are packaged and sold to investors, the Third Party Transfer Initiative was created to ensure the expeditious transfer of distressed, tax-delinquent properties to responsible third parties, accompanied by development assistance from the city for third parties receiving properties. In the South Bronx, where a pilot third-party transfer program is in its final stages, the positive impact of the new system is already evident. This document looks at model elements of New York's systems and their impact.

   
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