NY Is #1 In Distributing ERAP Funds?
In a recent update from CHIP it states that NY is now #1 in rolling out funds and approvals for the rental assistance program. Although a little less than half of the funds have been distributed, NY still sees this as a win. OTDA also announced that the portal is now accepting applications from households whose incomes are between 80% and 120% of the area's median income. The intention is to allocate more money for rent and mortgage relief in the next few months. Follow us for more information on this matter!
Commercial Rent Control:
The debate on commercial rent control continues. Industry leaders are speaking out against this matter before the hearing on Friday. Bill sponsor Stephen Levin says that rent control would benefit only small businesses and not corporate entities. CHIP argues that small businesses would actually suffer from this, since it would increase rent each year. For more information tune into the hearing tomorrow, Friday the 17.
Tax Lien Sale Returns:
To top off our update, Tax Lien Sales will return on December 14. The pandemic has put a hold on this matter and there is still a lot of debate on this topic. Some say it unfairly costs some owners their properties. Administration argues that it is an important part in order to get property owners to pay their overdue bills for city services. According to the Department of Finance, 11,000 properties are eligible for this sale, excluding those who owe water and sewer. However, property owners can avoid this sale, those who have ten or fewer units can declare a hardship and be exempted from the sale. There is also an argument that property owners have no idea they have outstanding debt, but the city will notify them three months in advance. For more information check out the link below!