Rental relief program offers up to $100 million in subsidies
Jun 23, 2020 6:00 am
David Robinson is reporting for lohud [dot] com financial assistance for renters and mortgage holders suffering financial hardship due to the COVID-19 pandemic is now available under newly passed legislation. A new rental relief program provides up to $100 million in rent subsidies to eligible New Yorkers based on income and other criteria. The money comes from the $2 trillion federal stimulus package approved in March, called the Coronavirus Aid, Relief and Economic Security, or CARES, Act. A new mortgage forbearance law allows eligible New Yorkers to delay mortgage payments for up to 360 days and includes a variety of other related fiscal protections. The rental assistance program coverage period extends from April 1 through July 31. People will have to prove they lost income due to the pandemic and meet other criteria. Household income must be less than 80 percent of the area median income, as adjusted for family size, and monthly rent must be more than 30 percent of the household income. A rental subsidy voucher will be provided to the owner of the rental unit for those deemed eligible. The program is administered by the state Division of Homes and Community Renewal, and the rent administration program can be reached by calling 1 (833) 499-0343. Regional contact information is listed on the agency’s website, hcr [dot] ny [dot] gov. The mortgage program allows for New Yorkers who suffered COVID-19 financial hardships to apply for a 180-day forbearance, with an option to extend another 180 days. The program includes a variety of options for repayment. Those seeking information on the program are advised to contact their individual mortgage servicer or call the agency at 1 (800) 382-4663. Read the full story at lohud [dot] com.