After nearly four years, the city’s lien sale is on.
The sale was slated for May 20, but the Adams administration agreed to delay it to June 3. As of Monday evening, the administration had made no announcement about delaying the sale again.
Properties wind up in the lien sale when they have long-overdue property taxes and/or water and sewer bills. The debt is sold to a private trust, and owners are saddled with an up to 18 percent interest rate (if their property has an assessed value of more than $250,000). If the owner cannot pay, the trust can move to foreclose and eventually take control of the property.
The last lien sale was in December 2021. The City Council reauthorized the sale last July, making several amendments to the controversial process. As part of the new lien sale program, the City Council created an off-ramp for some properties, dubbed “Easy Exit.” That program allows certain one- to three-unit and condo building owners to have their property removed from the lien sale up to three times within 36 months. Owners can also opt for foreclosure and have their property transferred to an approved nonprofit…