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City Seeks Private Investors to Buy Unpaid Tax Liens in Effort to Bolster Revenue Streams Immediately

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: Council President Clarke

Introduced: November 16, 2017

: Committee on Finance

financemunicipal claimsreal estate tax

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 sell its liens for unpaid real estate taxes and possibly other municipal claims through a securitized sale. The process is designed to raise revenue for the city. Certain neighborhoods are excluded from this program.

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 up to four years to design, implement, and manage the securitized sale of the City's liens for real estate tax and possibly other municipal claims.
Requires the City to provide substitute liens or compensation for any defective liens sold under the securitized sale program.
Excludes certain neighborhoods from this program, although it is not specified which neighborhoods are excluded.
Allows the City to raise revenue through the sale of liens, with the terms of the sale substantially as outlined in the attached Term Sheet (Exhibit "B").