NY A04698

Establishes a rental assistance loan-to-grant program in 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 accumulated during the COVID-19 state disaster emergency.

Converts loan portions to grants if tenants fail to repay arrearages to landlords, with landlords held harmless from repayment obligations absent fraud; requires 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 emergency rental or utility assistance related to COVID-19.

Directs the Commissioner of Housing and Community Renewal to promulgate rules and regulations covering eligibility standards, application procedures, verification processes, fund distribution, repayment procedures, and loan-to-grant conversion processes.

Takes effect 90 days after enactment and expires January 1, 2025.