Requires mortgagees to notify the Department of Housing Preservation and Development when initiating foreclosure actions on multiple dwellings with.

This bill amends the administrative code of the city of New York to mandate that mortgagees provide written notification to the Department of Housing Preservation and Development within fifteen days of initiating foreclosure actions on multiple dwellings with ten or more units. The notification must include detailed information about the mortgagee, the property, and the foreclosure action. The department will then assess whether the property is at-risk, defined as being in physical and/or financial distress.

Requires mortgagees to notify the Department of Housing Preservation and Development when initiating foreclosure actions on multiple dwellings with.

This bill amends the administrative code of the city of New York to mandate that mortgagees provide written notification to the Department of Housing Preservation and Development within fifteen days of initiating foreclosure actions on multiple dwellings with ten or more units. The notification must include detailed information about the mortgagee, the property, and the foreclosure action. The department will then assess whether the property is at-risk, defined as being in physical and/or financial distress.