Establishes a COVID-19 emergency small landlord assistance fund; provides that local housing authorities shall provide assistance to owners of a real property portfolio whose tenants have had their rent payments suspended for the costs associated with the operation and maintenance of such properties.
S T A T E O F N E W Y O R K
________________________________________________________________________
10255
I N A S S E M B L Y
April 8, 2020
___________
Introduced by M. of A. NIOU -- read once and referred to the Committee
on Housing
AN ACT in relation to establishing a "COVID-19 emergency small landlord
assistance fund"
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. (a) (i) Within amounts appropriated therefor, consisting
exclusively of any federal funds made available for such purpose, a
"COVID-19 emergency small landlord assistance fund" shall be established
and administered by local housing authorities to provide assistance to
owners of a real property portfolio whose tenants have had their rent
payments suspended pursuant to subdivision (a) of section 1 of a chapter
of the laws of 2020 relating to suspending rent payments for certain
residential tenants and small business commercial tenants and to suspend
certain mortgage payments for ninety days in response to the outbreak of
coronavirus, for the costs associated with the operation and maintenance
of such properties. Such owners shall be eligible for assistance from
such fund if:
(A) the real property portfolio is comprised of no more than 50 resi-
dential units; and
(B) one-third or more of the property's residential or commercial
tenants had rental payments suspended pursuant to subdivision (a) of
section 1 of a chapter of the laws of 2020 relating to suspending rent
payments for certain residential tenants and small business commercial
tenants and to suspend certain mortgage payments for ninety days in
response to the outbreak of coronavirus; and
(C) the property owner is able to demonstrate financial hardship due
to the deprivation of such rental income.
(ii) No owner of a real property portfolio shall receive more than the
total amount of rental payments owed to such owner which were suspended
pursuant to subdivision (a) of section 1 of a chapter of the laws of
2020 relating to suspending rent payments for certain residential
tenants and small business commercial tenants and to suspend certain
mortgage payments for ninety days in response to the outbreak of corona-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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