Bill Text: NY A10255 | 2019-2020 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Introduced - Dead) 2020-04-08 - referred to housing [A10255 Detail]
Download: New_York-2019-A10255-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10255 IN ASSEMBLY 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: 1 Section 1. (a) (i) Within amounts appropriated therefor, consisting 2 exclusively of any federal funds made available for such purpose, a 3 "COVID-19 emergency small landlord assistance fund" shall be established 4 and administered by local housing authorities to provide assistance to 5 owners of a real property portfolio whose tenants have had their rent 6 payments suspended pursuant to subdivision (a) of section 1 of a chapter 7 of the laws of 2020 relating to suspending rent payments for certain 8 residential tenants and small business commercial tenants and to suspend 9 certain mortgage payments for ninety days in response to the outbreak of 10 coronavirus, for the costs associated with the operation and maintenance 11 of such properties. Such owners shall be eligible for assistance from 12 such fund if: 13 (A) the real property portfolio is comprised of no more than 50 resi- 14 dential units; and 15 (B) one-third or more of the property's residential or commercial 16 tenants had rental payments suspended pursuant to subdivision (a) of 17 section 1 of a chapter of the laws of 2020 relating to suspending rent 18 payments for certain residential tenants and small business commercial 19 tenants and to suspend certain mortgage payments for ninety days in 20 response to the outbreak of coronavirus; and 21 (C) the property owner is able to demonstrate financial hardship due 22 to the deprivation of such rental income. 23 (ii) No owner of a real property portfolio shall receive more than the 24 total amount of rental payments owed to such owner which were suspended 25 pursuant to subdivision (a) of section 1 of a chapter of the laws of 26 2020 relating to suspending rent payments for certain residential 27 tenants and small business commercial tenants and to suspend certain 28 mortgage payments for ninety days in response to the outbreak of corona- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD16084-03-0A. 10255 2 1 virus from the assistance fund. Any assistance provided to an owner 2 from the fund shall be reduced by any mortgage relief received by such 3 owner pursuant to subdivision (b) of section 1 of a chapter of the laws 4 of 2020 relating to suspending rent payments for certain residential 5 tenants and small business commercial tenants and to suspend certain 6 mortgage payments for ninety days in response to the outbreak of corona- 7 virus. 8 (iii) Application for the local assistance fund shall be made in such 9 manner as prescribed by the local housing authority and shall contain 10 such information as the local housing authority may reasonably require. 11 (b) For the purposes of this act, "real property portfolio" shall mean 12 all of the buildings under the ownership of a person or entity. 13 § 2. This act shall take effect on the same date and in the same 14 manner as a chapter of the laws of 2020, relating to suspending rent 15 payments for certain residential tenants and small business commercial 16 tenants and to suspend certain mortgage payments for ninety days in 17 response to the outbreak of coronavirus, as proposed in legislative 18 bills numbers S. 8125-A and A. 10224-A, takes effect.