BILL NUMBER: S9047
SPONSOR: BAILEY
 
TITLE OF BILL:
An act to amend chapter 783 of the laws of 1974, relating to authorizing
the common council of the city of Mount Vernon to adopt by local law
provisions relating to the commencement of a foreclosure in rem by the
city of Mount Vernon where the payment of taxes, assessments and other
charges are in arrears for a period of time in excess of two years, in
relation to the offering of installment payment plans; and providing for
the repeal of such provisions upon expiration thereof
 
PURPOSE:
To permit the city of Mt. Vernon to offer installment payment plans for
tax delinquent properties with a time limit of two years and requires a
25% down payment.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Subdivision B of section 2 Amends Chp.783 of the laws of
1974, Authorizes the City of Mt. Vernon to adopt local law provisions
relating to foreclosures in the city of Mt. Vernon where the payment of
taxes, assessments and other charges are in arrears for a period of time
in excess of two years.
Section 2. Effective Date
 
JUSTIFICATION:
The height of the COVID-19 pandemic left many residents in serious
financial struggle which caused many city residents to fall behind into
a foreclosure status. City residents and real property owners are in
danger of losing their homes and primary assets; with the current
Special State Law, there is limited flexibility for the city to grant
installment payment plans to residents compared to neighboring jurisdic-
tions, like the City of Yonkers and the City of New York. The City of
Mt. Vernon is requesting that the State Senate and Assembly amended the
Special State Law in order to permit the City of Mount Vernon to offer
installment sales agreements to city taxpayers with the same flexibility
as their neighboring counterparts to provide an increase of cash flow,
resolve various outstanding balances, and give City residents and prop-
erty owners a chance to preserve their assets.
 
LEGISLATIVE HISTORY:
New Bill
 
FISCAL IMPLICATIONS:
None to the State
 
EFFECTIVE DATE:
Immediately