Owners of small and medium properties can now apply for financial assistance through New York’s NYS Landlord Rental Assistance Program (LRAP).
The program will pay for twelve months worth of rental arrears accrued on or after March 1, 2020, up to 150% of the Fair Market Rent.
The program was launched on October 8, and for the first 45 days, landlords whose buildings have 20 or fewer units will be prioritized.
“Through this challenging period, New York’s small property owners have been carrying the added burden of unpaid rent debts. Their mortgages, taxes and bills had to be paid, interest and late fees still accrued. As we work to bring back New York’s strong economy, these hardworking New Yorkers deserve our protection and assistance – if not our gratitude,” said State Senator Simcha Felder in a statement.
Those eligible can apply online or call (844) NY1 – RENT (1-844-691-7368).