NY A06595

Establishes a rental assistance loan-to-grant program administered by the New York Division of Housing and Community Renewal to provide loans to landlords of residential properties with up to six rental units for unpaid rent arrearages accrued during the COVID-19 state disaster emergency.

Converts loan portions to grants when tenants fail to repay arrearages, holding landlords harmless from repayment obligations absent fraud, while requiring landlords to repay the program if tenants subsequently pay arrearages.

Funds the program with federal Emergency Rental Assistance program funds, remaining CARES Act Emergency Rent Relief funds (up to $100 million total), and any additional federal COVID-19 pandemic rental or utility assistance allocated to New York.

Requires the Commissioner to establish rules and regulations covering eligibility standards, application procedures, verification processes, fund distribution timelines, and loan-to-grant conversion procedures.

Act takes effect immediately and expires on the later of December 31, 2021 or when COVID-19 related executive order provisions that restricted businesses and gatherings cease to apply statewide.