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City Seeks Bids for Securitized Sale of Tax Liens Excluding Owner-Occupied Homes and Small Businesses

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 but not to include any liens on owner-occupied residential properties,; 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: April 12, 2018

: Committee on Finance

financesecuritizationtaxation

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 on properties with unpaid real estate taxes through a securitized sale, but excludes owner-occupied residential properties.

What This Bill Does

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

Authorizes the Revenue Commissioner and City Solicitor to enter into a contract for the design, implementation, and management of a securitized sale of the City's liens for real estate tax and possibly other municipal claims, excluding owner-occupied residential properties.
Specifies that the contract or contracts should be for a term not to exceed four years.
Requires the City to provide substitute liens or compensation for any defective liens sold under the contract.
Directs that the contract or contracts be entered into under the terms and conditions outlined in the Request for Proposals attached as Exhibit "A".