Federated National Land Involved in City Program to Save Distressed Properties
Queens, NY and Brooklyn, NY—Federated National Land served as the title insurance provider for a portfolio of 40 distressed buildings in the city’s Third Party Transfer (TPT) program.
FNL provided full title services as the City of New York transferred ownership of the Brooklyn and Queens properties to the Neighborhood Restore Housing Development Fund Corporation.
The 40 buildings were previously part of an In Rem Tax Foreclosure Action by the city. Under TPT, the city transfers these buildings to Neighborhood Restore, a nonprofit organization that preserves affordable housing and provides a range of community development services, including construction management, technical assistance, and homeownership support. Neighborhood Restore eventually transfers the properties to private enterprises to be rehabilitated and operated as long-term affordable projects.
“We’re happy to play a role in the Third Party Transfer program by providing title services to assist Neighborhood Restore and the City of New York,” said Federated National Land Chief Operating Officer Michelle Palijaro. “We support their work to save distressed properties and ensure their preservation as affordable homes for the community.”
About Federated National Land
Federated National Land is a full-service title insurance company and certified MWBE firm in New York and New Jersey offering exceptional attention and diligence for commercial and residential transactions. Federated’s diverse, professional staff brings credibility, collaboration, and expertise to affordable housing development projects with varied partners and multiple layers of public and private financing.
- November 1, 2017