Bills shine light on nonprofits benefiting from embattled housing program
New legislation currently being drafted in the New York City Council will look to enhance transparency regarding the set of favored nonprofits that have been on the receiving end of million dollar properties.
City Council member Robert Cornegy, Jr. — who represents large portions of brownstone Brooklyn, including the historically black neighborhoods of Bedford-Stuyvesant and northern Crown Heights — is ready to lift the veil when it comes to “third party” organizations receiving deeds under the Third Party Transfer program.
Under the TPT program, which is run by the Department of Housing Preservation and Development, the city designates “distressed” properties to be transferred to qualified sponsors (nonprofit or for-profit developers) that can purchase and rehabilitate both vacant and occupied multi-family properties to be used for affordable housing.