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Directory of NYC Housing Programs

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Third Party Transfer Program

Program (?) Third Party Transfer Program
Alternative Name(s) Neighborhood Restore
Abbreviation TPT
Program Description

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.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing, Property
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Medium Scale (between 1,000 and 4,999 units produced)
Timeframe 1996-Present
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Occupied, Vacant
Property Type Building, City-Owned
Building Type Multi-family
Construction Type Rehabilitation
Occupant Tenure (?) Rental, Homeownership
Occupant Income Restrictions (?) No Restrictions
More Information NYC HPD
Neighborhood Restore
Available on CoreData.nyc? Yes
Last Updated December 2016
Data Source New York City Department of Housing Preservation and Development
CoreData.nyc Notes

Data from New York City Department of Housing Preservation and Development accessed November 2016.

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