NY A06079

Requires New York regulated banking institutions and mortgage servicers to make commercial mortgage forbearance applications widely available to qualified mortgagors demonstrating financial hardship during the COVID-19 covered period (March 7, 2020 through the date relevant executive orders cease applying).

Mandates forbearance grants for a period of 120 days to qualified commercial mortgagors, with forbearance potentially backdated to March 7, 2020, subject to the institution's safety and soundness requirements.

Requires deferred arrears to be treated as a non-interest bearing balloon payment due 12 months after forbearance ends, with all late fees waived; tenants' pro rata share of forborne rent similarly deferred without interest or late fees for 12 months post-forbearance.

Prohibits eviction proceedings against residential or commercial tenants for nonpayment of rent that accrued during the forbearance period.

Makes compliance with forbearance requirements a mandatory condition before lenders can commence foreclosure on missed payments subject to this section; borrowers may raise violations as a defense to foreclosure actions.