ALBANY, N.Y. (NEWS10) — New York Governor Kathy Hochul has announced $125 million in state funding for landlord rent relief. The funding is for landlords who couldn’t participate in the New York State Emergency Rental Assistance Program because of a federal requirement for tenants to participate in the application process.
This new program, the Landlord Rental Assistance Program, provides up to 12 months of past-due rent to landlords. Priority will be given to those landlords owning small-to-medium-sized properties.
“Getting pandemic relief money out the door to New Yorkers has been a top priority for my administration since day one,” said Hochul. “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 small landlords ineligible for that relief because of federal rules who also need our help.”
Eligible landlords must own units leased for at or below 150 percent of fair market rent for their location. Landlords must have documented overdue rent payments from after March 1, 2020 that are owed by a tenant who either vacated the unit or is declining to participate in the Emergency Rental Assistance Program.
Priority is given to landlords owning a building with 20 or fewer units and who apply within the first 45 days of the program. Applications are being accepted starting October 7. Landlords can apply on the NYS rental assistance portal.
The Emergency Rental Assistance Program has so far provided $804 million in assistance. More information about the Landlord Rental Assistance Program is available on the New York State website.