![]() That money has allowed landlords to recoup lost income, while preventing tens of thousands of potential evictions.īut Hochul and the state’s Office of Temporary and Disability Assistance (OTDA) decided to close the state’s ERAP portal in November after demand far outpaced the available cash. Since June 2021, New York’s rent relief fund has directed cash to property owners on behalf of more than 100,000 households who owed arrears as a result of the pandemic and related economic crisis. Treasury will determine a second round of payments, known as ERA2, by the end of March. The Treasury Department will soon reallocate some unused money that was part of its first ERAP allotment, known as ERA1, to states in need of additional rental assistance, but it is not clear how much New York will receive. ![]() The federal government provided an extra $27 million in ERAP funding to New York in December 2020, but that amount represented less than 3 percent of Hochul’s request for roughly $1 billion. “The federal government must help working people in this state.” “New York City has the highest rents in the nation,” Adams said. New York City Mayor Eric Adams also called on the federal government to replenish the rental assistance fund during a press conference outside Manhattan’s Housing Court Thursday. New York and the other states “are facing an immediate need now, and unused emergency funding that is eligible for reallocation should be deployed in an accelerated manner to keep families stabilized and housed as we continue to address the current surge of COVID-19,” wrote Hochul and New Jersey Gov. Treasury Secretary Janet Yellen to streamline the allocation of a second round of Emergency Rental Assistance Program (ERAP) funding to direct more money to landlords on behalf of tenants who fell behind on rent and are facing eviction. In a letter Thursday, Hochul joined governors of New Jersey, California and Illinois to ask U.S. Instead, leaders have pointed to other ways to curb evictions in New York City, including state rent relief and municipal grants, known as one-shot deals, to cover back rent and a right to an attorney for low-income tenants who are at risk of losing their homes. While grassroots tenant groups have pushed for a wintertime eviction suspension, state lawmakers have backed off calls for another extension. 15, but Hochul has said she will not seek to prolong the prohibition on most evictions that began in March 2020. New York’s expansive pandemic eviction protections will expire Saturday, Jan. Kathy Hochul is once again urging the federal government to replenish New York’s tapped-out rent relief fund after more than 1,300 additional households applied to the state’s reactivated assistance program. The credit also applies to owners who have paid real property taxes and have not received more than 20 percent of their overall rent from noncommercial use.įor more ways you can save money on your 2019 taxes, read: How NYC owners and renters can save money on their taxes.Gov. ![]() For those filing taxes elsewhere, but sure to use the Form NYC-208. If you use an online service like TurboTax, the program will suggest the credit for you when you are filing-all you have to do is answer a couple of questions regarding your residency and how much you paid in rent, and it’ll automatically include the credit. If you live with roommates or your boyfriend or girlfriend, and you all plan on taking advantage of the credit, make sure you accurately split the amount of rent paid and use that number on your tax returns. ![]() There are other eligibility requirements: You can not be claimed as a dependent on someone else’s taxes, and someone in your apartment must have paid rent. To qualify, your household income must be under $200,000, and you must have been a NYC resident for all of 2019. Renters who have lived in the same apartment or house for at least six months can get a credit of up to $500, based on your income and the amount you paid in rent last year. If you’re a renter in New York City, you may think tax credits are just for owners, but you can also get a discount on your taxes through the New York City enhanced real property tax credit, which can reduce how much you owe in state taxes. ![]()
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