Small Property Owners Call For $2B More In ERAP Funding
A coalition of small property owners is calling on Gov. Kathy Hochul and the State Legislature to commit $2 billion in additional funding to the Emergency Rental Assistance Program (ERAP). Recent surveys suggest that the total rent arrears for tenants unable to pay rent due to the COVID-19 emergency is more than $2 billion.
New York State has requested $996 million in additional funding from the U.S. Treasury. There is little reason to believe that the state will receive the full funding request, or even half that much. Even if the state did receive additional federal funding, it would not cover the current rent arrear need.
The NYS Office of Temporary and Disability Assistance (OTDA) has approved the applications of 163,382 renters, totaling $2.04 billion. An additional 126,000 renters applied for relief and a majority of those would likely receive funding if there was more money allocated to the program. We estimate that pending applicants who would be approved are holding arrears close to $1 billion.