**Transcript of Video Below**
In “Rent Assistance Programs: NY Covid Rent Relief Program,” we review NY’s new rental subsidy program, which helps rent burdened tenants (and NY landlords) that were financially impacted by covid-19. If eligible, the subsidy amount you qualify for will fluctuate based on how more rent burdened you have become due to covid. We will also cover how NY you determines whether you are rent burdened, the window to apply for this NY rental assistance, and who can apply for rent relief. Whether you owe back rent or have managed to stay current on your rent, you may be eligible for this rent assistance program, which is administered by the New York State Division of Housing and Community Renewal.
NY Covid Rent Relief Program Website & Application: https://hcr.ny.gov/RRP
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Transcript of Video
If you have been looking for rent assistance programs in New York because of COVID-19, then this is the video for you. Welcome home. My name is Justin, your local Bronx real estate agent. And if you are a first time viewer and want to receive weekly home buying and selling tips as well as community updates, be sure to slam that subscribe button and the bell next to it so you don’t miss anything. With that being said, New York State has as of July 16th released a new rental assistance program called the COVID Rent Relief Program. This program is for tenants that were financially impacted by COVID-19 and had their rent burden increased as a result. If received, this rental subsidy program provides a one time payment to the appropriate NY landlord.
Here we’re on the website for the COVID Rent Relief Program, which is administered by the New York State Division of Housing and Community Renewal. In terms of basic eligibility for the COVID Rent Relief Program, you have to be able to answer yes to the five following questions. Are you a renter living in New York State? Did you lose income between April 1st 2020 and July 31st 2020? Did you pay more than 30% of your household income for rent before March 1st 2020? Has your rent burden increased since March 1st 2020? And is your household income including unemployment benefits below 80% of HUDs area median income for your neighborhood? If you can say yes to all five of these questions, then you will be asked additional questions in order to continue your application. If you have any questions about this program, be sure to leave it in the comments below. And if you like what you’re hearing so far, be sure to slam that like button for us. You can apply for a subsidy amount to cover between one and four months of your increased rent burden in between April and July. How you determine this subsidy amount is a bit involved. Here’s an example of how it works. Before COVID, your monthly gross income was $4,000 and your monthly rent was $1,400. In this instance, you’re paying 35% of your monthly income towards your rent, which qualifies you as being rent burdened. Then because of COVID-19, your hours are reduced and your monthly income decreased to 2,800 dollars while your rent remained the same. Now you’re paying 50% of your monthly income towards your rent. Your rent burden has increased 15% or $420 per month, which is the subsidy amount you can qualify for on a monthly basis. You do not have to owe any back rent to qualify for the program. If you do not owe any back rent, the subsidy amount can be applied towards your future rent or credited against your security deposit. The application period is open for two weeks. But given how intense demand has been for COVID assistance programs, I highly recommend applying sooner rather than later. New York landlords, you cannot apply on behalf of your tenants for the COVID Rent Relief Program. However, you can inform them of it. If you’re looking to apply for this rent assistance program, there is a link to the program website in the comments and descriptions below. If you are a tenant and thinking about purchasing a home down the line, we have a video that will help you find creative ways to get a down payment for your home on top. And if you’re a New York landlord and you want to learn more about a program that you can apply for to receive assistance, you can check out the New York Forward program video we have below. If you know someone that would benefit from this video, please be sure to share it with them. Thanks again, and I’ll see you next week.