Both chambers of the New York State Legislature passed a bill last week that would provide up to $100 million worth of rent relief to cash-strapped tenants who lost income because of the coronavirus pandemic, according to the Commercial Observer. The program, administered by the state Department of Housing and Community Renewal, will offer rent vouchers to New Yorkers earning less than 80 percent of the area median income (AMI) both now and before the pandemic struck in March.
- Tenant Relief: The vouchers are funded by $100 million from the federal CARES Act that was allotted to the state. Eighty percent AMI is $63,680 for a single person and $90,960 for a family of four. The amount of the voucher would be calculated to cover “the gap between a tenant’s pre-COVID rent burden and their new rent burden.”
- Conditions: Tenants who apply must meet the income threshold, spend more than 30 percent of their monthly income on rent, and be able to document lost income since March 7. [CO]