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City holding millions in other people’s money

Changes in how the city handles its tax foreclosure auction have added barriers for former property owners who want their share of the proceeds, and made it easier.

BUFFALO, N.Y. — The City of Buffalo took in $4.3 million from its annual auction of tax-delinquent properties in 2019, the year the Brown administration changed how it handles the money those foreclosure sales generate.

Out of that $4.3 million, the city paid itself $700,000 to account for the back taxes and fees that led the properties to the auction block. 

That left $3.6 million is surplus, much of which rightfully belongs to the individuals who lost their properties to foreclosure. For them, the money represents their remaining equity after all their creditors — the city, the banks, the utility companies — are paid.

You can read the full story on Investigative Post's website

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