by Jane Cowles
On Friday, March 20th, NYS Governor Andrew Cuomo announced a three month rent moratorium for all residential and commercial tenants. What does this mean for landlords who will not receive income from investment properties, some of which may be mortgaged? What options are available?
Relief for Multi-Family Property Owners
On March 23rd, the Federal Housing Finance Agency agreed to give landlords owning multifamily properties a break on their loans if they do not evict tenants. Freddie Mac and Fannie Mae are working with lenders to put mitigation measures into effect immediately. For more information, visit the Federal Housing Finance Agency website.
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Convert Rent into A Loan
Simply offering rent deferral without a contractual agreement will not provide landlords with any security. Instead, landlords can defer rent payments with a promise to pay at a future date in the form of a low interest loan.
Rent Reduction
When the moratorium ends, landlords may be able to collect rent sooner by providing a break to tenants. Offering a reduction in rent or picking up utilities and/or tax payments will assist tenants who are struggling to pay bills.
Refinance Mortgage
With interest rates at an all time low, landlords can refinance their current mortgages at a lower rate and save money on interest payments.
This information is provided for general informational purposes only. No information contained in this article should be construed as legal advice and does not establish an attorney-client relationship.
Jane Cowles is an attorney focusing on contract law, business law (start-up, planning and restructuring), tax law and art law. She has over 10 years experience working with business transactions at boutique law firms and as a tax advisor for Ernst & Young. She has a solo practice in Rockland County and advises creative professionals, small businesses, and entrepreneurs. She is available to help with all the challenges individuals and business currently face with the COVID19 pandemic. For more information, visit her website www.janecowlesattorney.com or email her at jane@janecococowles.com. She is offering 30 minute FREE consultations by telephone or video conference.
