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Decline In Affordable Housing?

Posted by Jordan Tapia | Oct 04, 2021 | 0 Comments

CHIP and some other real estate industry groups had a meeting with OTDA. In the meeting CHIP discovered that OTDA has not sent out any 180- day notices to property owners who have yet to accept or complete the CERAP application. This is the opposite of what we heard a few weeks ago, landlords would forfeit their right to those funds if they did not respond between the appropriate time frame. So starting this week landlords have 180 days to complete the application. CHIP has also informed us that OTDA will have $125 million to give to landlords where tenants did not want to apply for ERAP or where the tenant has vacated without paying their arrears. CERAP is still running out of money. CHIP says they are doing everything they can to figure something out in order to help thousands of people who still have not applied for ERAP and might not receive the money due to the shortage and the moratorium ending soon. 

CHIP has also mentioned that The NYU Furman Center is speaking up about small business owners being in deep financial trouble, these small property owners will most likely be forced to sell their buildings. This would definitely cause a decline in affordable housing. For more information check out the link below:

How will renting in NYC change if mom-and-pop landlords cash out?

About the Author

Jordan Tapia

Phone: (212) 566-6780 Email: [email protected] Jordan Tapia, a partner at our law firm, is known as a fierce litigator. She has successfully represented various small businesses facing eviction and has helped many come to an amicable resolution with their landlord, often avoiding litigati...

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