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Happy Wednesday, Let's See What's New In The World of NY Real Estate!

Posted by Jordan Tapia | Oct 13, 2021

LRAP has had major success, although many believed that this program was going to bring a lot of frustration just like ERAP, the process has been going smoothly for landlords. For those of you who don't know what LRAP is, it is a landlord Rental Assistance Program. Landlords can now file the application for tenants who either refuse to apply or for those who have moved out and are still owing a large amount of rent. However, this money is being distributed first to landlords with buildings that have 20 or less units, however you are still encouraged to apply if you have more than 20 units. Meanwhile it looks like OTDA has slowed down the approvals for ERAP. They have redirected their staff to make sure that all approved applicants get their funds before approving more people. This is important because it has allowed OTDA to determine if there is still funding available and this would justify them keeping the portal open. Although there is still $400 million left it is possible that thousands of eligible applicants will be frozen out. However if the portal remains open OTDA will keep in place their eviction protections for renters who ultimately may be denied the funds. This might create pressure on the state and federal governments to come up with more funding.

Continuing in today's update, President Biden has called for a $90 billion expansion of the section 8 program, this would be enough to provide everyone on the waitlist with a voucher. The Section 8 vouchers have historically been one of the most effective ways for providing rental assistance to low income New Yorkers. This expansion would give a big boost to affordable housing in New York City.

In addition to our last post about Governor Hochul's first 45 days in office, It appears that she is doing very well according to a poll done by Marist College. Although it seems like Hochul has a lead over Attorney General Letitia James, it is not clear yet if James is running and there are a few others dipping their toes in the water. It is clear that Governor Hochul still does not have a big support group and the next few months will be crucial for her, especially in the decision made for next year's budget. So far, Hochul has made some good decisions such as extending the eviction moratorium and meeting with several activist groups.

New York Speeds Up Rental Assistance, Asks for More Federal Funding

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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