If you have recently purchased or inherited a property in the NYC area, you may be wondering what measures you need to take in order to be in compliance with the rules and regulations enforced by the local housing authorities. One such agency is New York City’s Department of Housing Preservation and Development, otherwise known as HPD, which promotes the construction and preservation of affordable housing for low and moderate income families and enforces housing quality standards.
So who needs to register their property with HPD? Property owners of residential buildings are required by law to register annually with HPD if the property is a multifamily of 3 or more residential units or if the property is a private dwelling of 1-2 residential units in which neither the owner nor the owner’s immediate family resides. In other words, if you have a 3 family and up or any # of unit investment property, then you will need to register.
The good news is that the registration process is not complicated. You can register and pay online at HPD Property Registration Online System or print your form and mail it in with your payment. The registration fee is $13 per year and is due on July 1 of each calendar year. More detailed information can be found at Property Registration. Failure to register your property can result in civil penalties of $250-500 in addition to being unable to certify a correction of violations on the property or bring an action for nonpayment of rent against a tenant.
If this is the type of thing you don’t want to be dealing with as a homeowner, you might consider hiring a property manager to streamline and manage these tasks for you. The more you know!