Establishes a rental assistance loan-to-grant program for small landlords affected by COVID-19.
New York S02065 establishes a rental assistance loan-to-grant program to help landlords of small rental properties who lost income due to tenants' inability to pay rent during the COVID-19 emergency. The program, administered by the New York Division of Housing and Community Renewal, provides loans to cover rent arrears for tenants who were unemployed or faced medical emergencies. If tenants repay the arrears, the loan portion is forgiven; otherwise, it converts to a grant. The program is funded by federal Emergency Rental Assistance funds and remaining CARES Act allocations.
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