Provides that the city of New York may reconvey certain property taken in tax foreclosure in the borough of the Bronx to the original owner

1 Co-sponsor

• Ruth Hassell-Thompson

Title of bill

An act authorizing the city of New York to reconvey its interests in certain real property accrued August 8, 1978 by in rem tax foreclosure in the borough of the Bronx to Gardner Paige notwithstanding expiration of the two year period within which applications may be made to the city to release its interest in property thus acquired; Block No. 2347, Lot No. 12, on the tax map for the borough of the Bronx

Purpose

To permit Gardner Paige to re-acquire title to premises located at 140 East 150th Street, The Bronx, designated as lot number 12 in block number 2347.

Summary of provisions

Pursuant to sections 11-424 and 11-424.1 of the administrative code of the city of New York, the city may release its interest in property thus acquired if an application for such a release is filed with the city's department of general services within two years of the date on which the city's deed is recorded. If such period has elapsed, state legislation is necessary for reconveyance. Such release may be made upon approval of the city of New York, subject to the former owner meeting conditions set forth by the city of New York.

Justification

In 1978, through Bronx in rem tax foreclosure action the City of New York acquired title. To premises designated as lot No. 12 in tax block 2347, based on non-payment of taxes due to non payment of real estate taxes.

Legislative history

S.6370A 2007-08

Fiscal implications

None.

Effective date

Immediately.