New York State received $2.4 billion for the Emergency Rental Assistance Program, a long awaited relief package for renters and landlords who have struggled for over a year due to the pandemic.
The rental assistance program covers:
- Up to 12 months of rental arrears payments for rent accrued starting on or after March 13, 2020;
- Up to three months of additional rent assistance for future rent (if the household spends 30% or more of its gross monthly income to pay for rent and if the household also applies for rental arrears payments)
- Up to 12 months of electric or gas utility arrears payments for arrears that have accrued on or after March 13, 2020 (if the household also applies for rental arrears payments).
How does this work for small landlords?