NY S07235

Allows state and municipal agencies to permit owners of affordable housing with regulatory agreements to charge rents up to the rental assistance program's maximum payment standard, even if this exceeds the legal regulated rent.

Requires rents to revert to the legal regulated rent (adjusted by recent rent guidelines increases) when rental assistance ends, either upon tenant vacancy or during tenancy.

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

Requires owners to refund overcharges with treble damages if they fail to reduce rent upon rental assistance termination, with tenants able to recover from date of accrual regardless of standard statute of limitations.

Requires state and municipal agencies to audit owner records at least once every three years to verify compliance with the law's provisions.