Special note for Property Owners and Commercial Tenants
With April 1st this Wednesday, we're hearing from both property owners and commercial tenants with questions about rent payments. Thanks to a recommendation from D'Orazio Peterson LLP, we'd like to share the following link with you to the
NYS Homes and Community Renewal website
where you can see everything Governor Cuomo has announced relative to this issue.
Here are a couple of important highlights
Q: I’m a landlord and my tenants are unable to pay rent due to the virus, so I am unable to make my mortgage payments. What should I do?
Governor Cuomo has ordered a 90-day mortgage relief period for borrowers impacted by the COVID-19 crisis. Eviction proceedings and pending eviction orders are suspended for renters,
but rental payments have not been waived
. There is no moratorium on a tenant’s obligation to pay rent or an owner’s obligation to provide essential services.
Q: Do I still have to pay rent during this outbreak?
While there is a temporary moratorium on evictions, there is no stay or moratorium on a tenant’s obligation to pay rent or an owner’s obligation to provide essential services. The Executive order states in part:
There shall be no enforcement of either an eviction of any tenant residential or commercial, or a foreclosure of any residential or commercial property for a period of ninety days
"At this point, applying for the SBA loans (as noted above) could help with keeping up with rent and receiving a tax benefit. Most of what we are seeing so far on this issue is putting the burden on tenants and landlords to try to work together to find some kind of solution that can get them through this time," said Giovanna D'Orazio.