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City Prepares to Sell Unpaid Tax Liens Through Securitization Deals Expected to Generate New Revenue Streams

Official:Authorizing the Revenue Commissioner and the City Solicitor, on behalf of the City, to enter into (i) a contract or contracts for a term not to exceed four years for the design, implementation, and management of a securitized sale of the City's liens for real estate tax and possibly other municipal claims; and (ii) a contract or contracts for a term not to exceed four years for the sale of such liens under which the City would be obligated to provide substitute liens or compensation for any defective liens; all under certain terms and conditions.

Sponsor: Councilmember Domb

Introduced: November 16, 2017

: Committee on Finance

financeliens

No one voted on this bill

This bill was introduced in the 2016–2019 Council term and when that term ran out. The public record shows no committee vote and no floor vote at any stage, so no member of Council ever went on record for or against it.

That is not unusual here. Of the 8,465 bills introduced between 2000 and 2025, 1,624 lapsed without a single recorded vote. Ninety percent of bills that became law carry a roll call. Three percent of lapsed bills do. How this works.

Plain-Language Summary

This bill allows the City to enter into contracts for a securitized sale of liens (unpaid taxes) and authorizes the Revenue Commissioner and City Solicitor to negotiate terms.

What This Bill Does

AI-written. Every figure is checked against the bill text.

Authorizes the Revenue Commissioner and City Solicitor to enter into contracts for a securitized sale of the City's liens for real estate tax and possibly other municipal claims for up to four years.
Requires the City to provide substitute liens or compensation for any defective liens sold through this securitized sale process.
Limits the term of the contracts to four years.
Mandates that the contracts be entered into in accordance with the Request for Proposals (attached as Exhibit "A") and the Term Sheet (attached as Exhibit "B"), which are incorporated into the bill by reference.