HPD created the Third Party Transfer Program (TPT) in 1996 as an alternative to owning and managing in-rem properties. Under the TPT, when New York City forecloses on properties for unpaid real estate taxes, ownership is transferred directly to Neighborhood Restore, a non-profit organization. Neighborhood Restore, in turn, works with qualified non-profit and for-profit developers to stabilize, manage, and plan for the rehabilitation and future ownership of these properties. This includes arranging financing which may include HPD and LITHC sources. Neighborhood Restore then transfers ownership of the properties to the qualified developer (potentially the building’s tenants as a cooperative), who must rehabilitate the building if necessary and continue to manage the property as affordable housing.