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$100M now available in mortgage forbearance, rent assistance in New York

There is now $100 million available for mortgage forbearance and rent assistance in New York State.

Last week, Governor Andrew Cuomo signed a series of bills aimed to the emergency response of the COVID-19 pandemic.


It includes up to $100 million in rent subsidies to eligible New Yorkers based on income and other related criteria. That money comes from the stimulus package that was signed in March by President Donald Trump.

The new mortgage forbearance law allows New Yorkers to delay payments for up to 360 days and includes a variety of other fiscal protections.

Finger Lakes Partners (Billboard)

“It has been clear for weeks now that rents cannot be paid with money that doesn’t exist and therefore, rent will be cancelled whether or not we authorize it by law,” said Sen. Michael Gianaris, a downstate Democrat said in April.

The jobless rate sits in the mid-teens, as more than 14% of the workforce remains unemployed.

Click here to check out the bill as signed.

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