A10255 Summary:

BILL NOA10255
 
SAME ASNo Same As
 
SPONSORNiou
 
COSPNSRCarroll, Simon
 
MLTSPNSR
 
 
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.
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A10255 Actions:

BILL NOA10255
 
04/08/2020referred to housing
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A10255 Committee Votes:

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A10255 Floor Votes:

There are no votes for this bill in this legislative session.
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A10255 Text:



 
                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.
                                                                   LBD16084-03-0

        A. 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.
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