Who should apply?
Landlords that own nine (9) legal residential rental units or less in the above NY counties. Corporate owned properties are eligible (Applicant signatory must be principal partner of the LLC). One Application is needed for each property
What can I use the funding for?
Repairs: Landlords with verifiable repairs on legally zoned rental units can utilize funds to address such areas as, but not limited to, code violations, items that can lead to code violations, health and safety issues, heating, electrical, plumbing and energy efficiency concerns. Beautification and cosmetic repairs are not eligible expenses. RUPCO will pay contractors directly on behalf of a landlord for eligible work needed or will reimburse landlords that qualify for eligible verified repairs that were completed dating back six (6) months.
Fiscal Distress: A Landlord’s fiscal distress must be verified by RUPCO and may include direct payments of delinquent mortgage payments, taxes, utilities paid by the Landlord (not tenant), and property insurance associated with the rental building.
Back Rental Assistance: To receive assistance with unpaid rent, a tenant must prove that they were denied funding support in all other available programs, were ineligible for funding support, or provide proof that funds for a program they applied for were exhausted and therefore not available to the tenant.
What is required of the Landlord?
The Landlord must sign and file with the County a restricted covenant on the property. The Covenant must contain the total amount of assistance received per building and state that the Landlord agrees to keep the monthly rental amounts on the property restricted according to the charts below for a Regulatory Period between 2 – 5 years as follows:
- Below $5,000 —2-year period rental affordability agreement required
- $5,000 – $10,000 — 3-year period rental affordability agreement required
- $10,00 – <$12,500 — 3-year period Evaporating Lien
- $12,500 – <$15,000 — 4-year period Evaporating Lien
- $15,000+ —5-year period Evaporating Lien
What if I owe more than what the grant will cover for taxes, mortgage payment, etc. or my repair costs more than the grant amount?
RUPCO will require that any payments for back mortgage payments, taxes, insurance, and utilities bring the account up to date. The Landlord may contribute to the project with their own funds if the amount of grant funding is not enough.
What if I sell the house or my expenses on the property go up, can I increase the rents above the limits below?
No, the agreement is to keep the rents at or below the total amount listed in the restricted covenant.
What if I want to pay the grant back so I can raise the rent?
Although the mission of the program is to keep rents stabilized, we realize that sometimes an Owner may need to be released from the agreement. The restrictive covenant will allow a landlord to payback assistance funds early. An owner will receive a percentage-based credit for every 12 months the property complied with the covenant set forth by regulatory period.