The Legislature is Back
After Several weeks of not being in session, the legislature is geared up and ready to go. Some of the bill passed recently had opposition from the business community, and other had support. It is really a mixed bag so far. Most of the bills passed with a business community nexus had to do with rent and mortgages. For a complete list of the bills passed please go to www.UnshackleUpstate.com. It is anticipated the legislature will reconvene to take on some policing reforms over the next few weeks.
State Disaster Emergency Loan Program (A10294-A Stirpe/S8181-A May) – This Bill creates a State Disaster Emergency Loan Program to allow Industrial Development Agencies (IDAs) to make loans of up to $25,000 to eligible small businesses, including not-for-profit organizations, that employ no more than 50 employees.
Involving Housing, Rent, Mortgage, and Property Taxes:
Residential Eviction Protections (S8192-B Hoylman/A10290-B Dinowitz) – This Bill prohibits courts from issuing a warrant of eviction or judgment of possession against a residential tenant or lawful occupant that suffered financial hardship during the “COVID-19 covered period” for the nonpayment of rent that accrues or becomes due during the COVID-19 covered period.
Residential Mortgage Forbearance (A10351-B Rozic/S8243-C Kavanagh, as amended by A10530 Mosley/S8428 Parker) – This Bill requires New York state-chartered banks and state-regulated mortgage servicers to grant up to 180 days of mortgage payment forbearance (plus an additional 180 day extension) to residential mortgagors who are in arrears or on a trial plan or who have applied for loss mitigation and demonstrate financial hardship during the covered period. A subsequent chapter amendment made significant changes to the original bill, scaling back the definition of qualified mortgagor and providing more options for repayment.
Emergency Rent Relief Act (S8419 Kavanagh/A10522 Cymbrowitz) – This Bill establishes an Emergency Rent Relief program to provide rental assistance vouchers directly to landlords on behalf of tenants who experienced an increase in rent burden because of a loss of income as a result of the COVID pandemic. The Bill calls for the program to be funded with up to $100,000,000, consisting of funds allocated to New York by the Federal CARES Act that have not otherwise been obligated.
Filing Deadline Extension for Real Property Tax Abatement Programs (A10241-A Hyndman/S8122-B Comrie) – This Bill authorizes all municipalities statewide to extend the filing deadline to July 15, 2020 for applications and renewal applications for any real property tax abatement program or real property tax exemption program, provided the municipality adopts a local law, ordinance or resolution to that effect.
Property Tax Deferral (S8138-B Martinez/A10252-A Stern) – This Bill amends the Real Property Tax Law to authorize special deferments and installment payments applicable to all real property for the duration of the declared state disaster emergency under Executive Order 202.
Local Government Financial Relief – Bond Anticipation Notes 2015-2021 (S8417 Krueger/A10492 Thiele, as amended by A10530 Mosley/S8428 Parker) – This Bill amends the Local Finance Law to expand the available options for financial relief for municipalities to include an extended rollover period, 7 years, for bond anticipation notes issued between 2015 through 2021.