COVID-19 pandemic assistance for NYC landlords and property owners

COVID-19 is challenging landlords and property owners in unprecedented ways. The City of New York and the New York City Department of Housing Preservation and Development (HPD) offers information on many resources that can help.

COVID-19 Financial Resources for Landlords

Loans

The New York Forward Loan Fund is a new program that supports small businesses, nonprofits and small landlords. The fund supports employers with 20 or fewer full-time equivalent (FTE) employees that have seen a loss of rental income.

Preservation

HPD can help multifamily buildings finance rehabilitation projects. Projects can include measures to address high utility costs and real estate taxes as well as necessary boiler/heating, mechanical, electrical, plumbing, mold, roof, lead-based paint, windows and building envelope/exterior work.

Section 8 Properties

Building owners looking to rent to households with rental subsidies can list vacancies and learn more about available programs.

COVID-19 Financial Resources for Property Owners

Property owners have access to a variety of payment plans, financial assistance, rebates, credits and other programs. Those programs include:

• Payment plan for overdue property taxes
• Deferrals on property taxes and interest
• Payment plan for water and sewer bills
• Assistance with utility and heating bills
• Rebates on certain energy saving measures for multifamily buildings and homeowners from Con Edison
• Rebates on certain energy-saving measures from a national program
• Summer cooling credits to help cover the costs of air conditioning
• Funding for a variety of preservation projects for owners of one- to four-family owner-occupied buildings
• Property and casualty insurance relief for consumers and small businesses

Mortgage Forbearance

Property owners suffering hardships due to COVID-19 may be eligible for mortgage relief if their loans are owned or guaranteed by federal agencies, including Fannie Mae, Freddie Mac, the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA) or the U.S. Department of Agriculture (USDA). Mortgages with HPD or HDC may also be eligible.

Many city, state and federal government programs are available to help owners and landlords affected by COVID-19. Because some may have limited funding or availability, we highly recommend researching and applying for programs as quickly as possible.

Visit the HPD website for a list of financial assistance resources.

If you have any questions about insurance or your current insurance policy, or if you would like a free insurance review, please call us at 877-576-5200.