Good morning and happy hump day!
We have some good news for those of you that have applied for ERAP and are just waiting for those funds. Well, yesterday CHIP announced that the Senate and Assembly have pledged to put up to $1.25 Billion into the program as part of their one-house budget bills. However, The U.S Treasury has transferred $119.2 million in reallocated funds to ERAP. Although this means that only 8,500 applications out of the 110,000 applications will be able to receive some funds, it's still better than nothing.
The Assembly has also allocated $400 million for the Landlord Rental Assistance Program (LRAP). Another way the State Legislature has agreed to help renters is through the proposed Housing Access Voucher Program. This program is modeled after section 8, the tenant would only have to pay 30% of their income in rent and the voucher would cover the rest. This program is meant to help those experiencing or at risk of homelessness—including immigrants without legal status—with values pegged to fair market rent levels. New York legislature proposed spending $250 million to jumpstart the initiative in their budget plans.
Do you believe ERAP should shut down after this round of funds?
NY Lawmakers Propose $250M to Launch Section 8-Style Rent Subsidy