Financial Relief for Landlords
Senator Dan Stec today said landlords who were unable to participate in the New York State Emergency Rental Assistance Program (ERAP) may apply for assistance available through a new $125 million fund.
The program is administered by the State Office of Temporary and Disability Assistance (OTDA) and applications are now being accepted.
“This is a first-come, first-served opportunity,” said Stec.
Up to 12 months of rental arrear reimbursement payments will be available. Priority will be given to landlords of small to medium-sized properties. Eligible landlords must own units leased for at or below 150 percent of fair market rent for their location. Property owners must have documented the rental arrears accumulated after March 1, 2020, that are owned by a tenant who either vacated the unit or is declining to participate in ERAP.
Stec said property owners who have applied to ERAP can complete an application for state funding through their existing account or can create a new account. To learn more, visit otda.ny.gov/lrap.
Posted: October 8th, 2021 under Business News, Heathcare News, State Legislator News.