What you should know
- Governor Kathy Hochul announced today that $ 125 million in state funding is available to assist homeowners who were unable to participate in the New York State Emergency Rental Assistance Program due to a federal requirement.
- The Homeowner Rental Assistance Program provides up to 12 months of past due rent to homeowners who are not eligible for the federally funded program because their tenants refused to complete an application or vacate the residence in arrears.
- Property owners with small to medium size properties will be given priority.
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NEW YORK – Governor Kathy Hochul announced today that $ 125 million in state funding is available to assist homeowners who were unable to participate in the New York State Emergency Rental Assistance Program due to a federal requirement.
The Homeowner Rental Assistance Program provides up to 12 months of overdue rent to homeowners who are ineligible for the federally funded program because their tenants refused to complete an application or vacate the residence in arrears. Property owners with small to medium size properties will be given priority.
“Getting pandemic aid money to New Yorkers has been a top priority of my administration from day one,” Hochul said. “I am proud that our state’s rental assistance program has already provided much-needed relief to tens of thousands of New Yorkers, but there are still many smallholders who are not eligible for that relief due to federal rules who also need our help. This funding is an essential tool to close that gap and help more New Yorkers recover from the pandemic. “
HOW TO APPLY FOR HELP
Eligible landlords must own rental units worth 150 percent or less of the fair market rent for their location and must have documented accumulated rent arrears after March 1, 2020 owed by a tenant who left the unit or refuses to participate in the Emergency Rental Assistance Program.
Priority will be given to homeowners who own a building with 20 units or less and who apply within the first 45 days of the program opening date (Thursday, October 7).
Homeowners who have applied for the Rental Assistance Program can complete a state financing application through their existing account on the online portal or create a new account if they have not already done so.
Assistance is awarded on a first-come, first-served basis and is specifically designated for arrears accumulated after the onset of the COVID-19 pandemic in March 2020. More information can be found at otda.ny.gov/lrap.
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