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NY A03190
Bill
Status
1/22/2021
Primary Sponsor
Harvey Epstein
Click for details
AI Summary
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Covered tenants (nonprofits with ≤25 employees or small businesses with ≤25 employees) forced to close or with substantially curtailed business due to COVID-19 restrictions shall pay only up to 20% of actual income or one-third of contractual rent (whichever is less) per month during the covered period plus 180 days after.
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Landlords must waive 20% of contractual rent per month for 180 days following the end of the covered period; covered tenants must provide sworn affidavits of actual income to the Department of Economic Development for verification.
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Establishes a $500,000,000 interim commercial rent relief program administered by the Department of Economic Development to compensate landlords who lost rental income and were not fully compensated by federal, state, or local assistance.
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Courts cannot accept new summary proceedings for non-payment of rent due to COVID-19 income loss for at least 30 days after the state of emergency expires, and late or reduced rent payments during the emergency cannot be basis for eviction.
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Late fees, interest, and other penalties are not collectable for rent accrued during the state of emergency; covered tenants may extend expiring leases for up to 180 days after the emergency ends.
Legislative Description
Relates to suspending rent payments for certain tenants due to the state of emergency declared by Executive Order No. 202, where they have lost earned income or were forced to close their place of business; requires landlords to accept 20 percent or one-third of contractual rent each month; requires the superintendent of the department of financial services to establish and implement an interim commercial rent relief program to support covered tenants and landlords impacted by the COVID-19 pandemic.
Last Action
referred to small business
1/5/2022