[HISTORY: Adopted by the City Council of the City of Yonkers 10-28-1980 by L.L. No. 12-1980; amended in its entirety 4-14-1981 by L.L. No. 3-1981. Subsequent amendments noted where applicable.]
General City Law § 23 and the Second Class Cities Law § 37 are hereby superseded to the extent provided herein as follows:
A. 
Residential properties consisting of one to four family units acquired by the City for nonpayment of taxes that have not been sold due to lack of responsible bids and properties that have received nominal consideration of significantly below fair market value from the federal government, or by gift, may be conveyed, upon recommendation of the Director of the Yonkers Community Development Agency, by private sale as authorized by a special ordinance approved by a majority vote of the City Council to designated persons, subject to and upon satisfaction of the terms and conditions as set forth hereinafter.
B. 
Any sale of property pursuant to this chapter shall be for a price fixed by the City Council and sold on an as-is basis; provided, however, that any sale of property acquired for nonpayment of taxes shall not be sold to the prior owner of record at the time the period of redemption lapsed for less than accrued tax arrears plus interest, together with reasonable costs and fees in acquiring the property by the City.
C. 
Title shall be conveyed subject to those terms or conditions as set forth herein or otherwise imposed by the City Council.
D. 
The purchaser of any property under this chapter shall, at his/her own cost and expense, renovate and/or rehabilitate the property within 24 months from the date of sale so that the property is in compliance with the Yonkers City Code, as evidenced by a final certificate of occupancy.
E. 
The purchaser and/or members of the immediate family shall use said property as his/her principal residence continuously for two years after a certificate of occupancy is issued.
F. 
The purchaser shall, from the date of sale or within 10 days thereof, have in effect appropriate insurance policies naming the City of Yonkers as an additional named insured and shall agree to indemnify and hold harmless the City from any and all claims in connection with the use of the property until such time as the conditions herein are satisfied.
G. 
Failure by the purchaser to comply and cure any condition of conveyance within the allotted time shall constitute a default, and the property shall remain and/or revert to the City of Yonkers, and all improvements, renovations, etc., shall become the property of the City of Yonkers. Nothing herein shall be construed to relieve or interfere with any obligation assumed by or contracted by the purchaser.
The Yonkers Community Development Agency is hereby designated to act on behalf of the City of Yonkers and to administer and implement a program in connection with properties conveyed pursuant hereto.
Preference may be given to those low- and moderate-income purchasers who qualify for federal grants and loan programs.