NY A08098

Allows owners of affordable housing with regulatory agreements and rental assistance programs to charge rent up to the maximum payment standard of the assistance program, even if it exceeds the legal regulated rent.

Requires rents to revert to the legal regulated rent (adjusted by applicable guidelines increases) when rental assistance ends, either upon vacancy or during tenancy, with protections for tenants paying below-market rents before assistance began.

Prohibits rents charged above the legal regulated rent from being registered as the new legal regulated rent; owners must continue registering the underlying legal regulated rent separately.

Mandates owners provide tenants with written notice on all leases explaining that rent will revert to the legal regulated rent if rental assistance ends.

Imposes treble damages liability on owners who fail to reduce rents upon termination of rental assistance, with no statute of limitations restriction on tenant recovery claims.