The city is looking to settle claims about its third-party transfer program to the tune of $60 million.  The program started in 1996 and allowed the city to foreclose on properties with tax and other municipal arrears. The idea was that these properties would be transferred to a nonprofit intermediary and eventually to another sponsor to be rehabilitated while being preserved as affordable housing.  The value of the properties often eclipsed the value of their tax arrears. The city would also then transfer buildings for a nominal fee, according to the initial federal complaint.  Plaintiffs in the federal suit dating […]

This article originally appeared on The Real Deal. Click here to read the full story.