{"id":39599,"date":"2021-01-21T16:54:45","date_gmt":"2021-01-21T14:54:45","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=39599"},"modified":"2025-05-22T13:10:29","modified_gmt":"2025-05-22T10:10:29","slug":"what-the-consolidated-appropriations-act-2021-caa-has-in-store-for-landlords-tenants","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2021\/01\/21\/what-caa-has-in-store-for-landlords-tenants-2021\/","title":{"rendered":"What The \u201cConsolidated Appropriations Act &#8211; 2021\u201d (CAA) Has In Store For Landlords &#038; Tenants"},"content":{"rendered":"\n<p><strong><em>NYC-based boutique law firm\u00a0<\/em><\/strong><a href=\"https:\/\/pnlawyers.com\/\"><strong><em>Pardalis & Nohavicka<\/em><\/strong><\/a><strong><em>\u00a0brings the latest legal updates from the world of real estate. Pardalis & Nohavicka handles an eclectic array of matters, representing individuals and business owners in civil litigation, criminal cases and business transactions, currently litigating and representing clients throughout the United States and around the world.<\/em><\/strong><\/p>\n\n\n\n<p>At the end of December, Congress finally passed a new COVID-19 relief bill called the \u201cConsolidated Appropriations Act, 2021.\u201d Along with a second round of PPP loans and emergency rental assistance, the legislation also contains several relief strategies that aim to directly assist the real estate industry.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"emergency-rental-assistance\"><span class=\"ez-toc-section\" id=\"Emergency_Rental_Assistance\"><\/span>Emergency Rental Assistance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The act allocates $25 Billion Dollars for a rental assistance program aimed at providing households with financial aid to cover costs such as the payment of rent, utilities, and energy during COVID-19. The funds are to be distributed among the states based upon population, with a deadline of September 30, 2021 to use the funds.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Eligible households may receive a maximum of twelve months of funding, plus an additional three months if necessary, to ensure housing stability;<\/li><li>These payments made on behalf of eligible households will not be considered taxable income and may be applied for both past due rent and future rent payments (nine months of rental arrears, three months going forward);<\/li><li>If an eligible household owes past due rent, assistance for prospective rent payments can only be made if assistance is first provided to reduce those rental arrears.<\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p><strong>Eligibility:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\" id=\"block-a3d2eca4-58aa-4fe8-8936-38d66a84a139\"><li>At least one of the individuals occupying the residential property qualifies for unemployment benefits or has experienced financial hardship caused by the COVID-19 pandemic;<\/li><li>At least one of the individuals demonstrates a risk of homelessness;<\/li><li>The household income cannot not exceed 80% of the area median household income;<\/li><li>Priority goes to applicants whose income is at 50% of the area\u2019s median income OR if an individual in the household has been unemployed for 90+ days.<\/li><\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><strong>How this works:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>An application for emergency rental assistance may be directly submitted by an eligible household;<\/li><li>An application may be submitted by a landlord on behalf of the eligible household. However, the landlord must receive the tenant\u2019s consent by signature on the application;<\/li><li>Should any payments be received, the landlord is required to apply the funds to that particular tenant\u2019s rent arrears.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"national-eviction-moratorium\"><span class=\"ez-toc-section\" id=\"National_Eviction_Moratorium\"><\/span>National Eviction Moratorium<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The nationwide moratorium on residential evictions for failure of paying rent has now been extended through January 31, 2021. While this does not relieve tenants of their obligation to pay rent, it does prohibit landlords from evicting their tenants for the failure to pay rent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"housing-co-ops-under-ppp-round-2\"><span class=\"ez-toc-section\" id=\"Housing_Co-ops_Under_PPP_Round_2\"><\/span>Housing Co-ops Under PPP Round 2<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Per the new act, the Paycheck Protection Program now includes housing cooperatives as eligible for the program but excludes condominiums.<\/p>\n\n\n\n<p>As long as all PPP eligibility requirements are fulfilled, housing cooperatives that have 300 or less employees are eligible to apply for the loan.<\/p>\n\n\n\n<p>This is good news for any struggling co-ops with commercial tenants that have lost revenue, as they could greatly benefit from a second round of PPP.<\/p>\n\n\n\n<p><em>Congress has worked diligently to protect tenants during COVID-19, through moratoriums, and relief packages. This Act is specifically targeted at further assisting tenants but allowing the landlords in NYC to gain some relief as well, as the payments are directed towards rents. Furthermore, NYC tenants should note that the Housing courts have reopened, which will give everyone a better idea of how the recent changes in housing laws will actually be put into effect<\/em>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"block-cfbb42df-a1e8-4dca-8ceb-79a90bbcbe3f\"><span class=\"ez-toc-section\" id=\"About\"><\/span><strong>About:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft size-thumbnail is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/11\/Nataly-Goldstein.jpg?w=150&h=150&crop=1\" alt=\"Photo of Nataly Goldstein\" class=\"wp-image-39262\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/11\/Nataly-Goldstein.jpg 1920w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/11\/Nataly-Goldstein.jpg?resize=150,150 150w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/11\/Nataly-Goldstein.jpg?resize=300,300 300w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/11\/Nataly-Goldstein.jpg?resize=768,768 768w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/11\/Nataly-Goldstein.jpg?resize=1280,1280 1280w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/11\/Nataly-Goldstein.jpg?resize=1536,1536 1536w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/figure><\/div>\n\n\n\n<p><em>Real Estate and Corporate Transactions Attorney\u00a0<a href=\"mailto:nataly@pnlawyers.com\"><strong>Nataly Goldstein\u00a0<\/strong><\/a>is a graduate of Cardozo School of Law, where she served as\u00a0President of the Real Estate Law Association.\u00a0 She is experienced in both residential and commercial real estate transactions, and\u00a0she prides herself on guiding her clients through every step of their transaction, whether they are first home buyers or franchised businesses.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NYC-based boutique law firm\u00a0Pardalis &#038; Nohavicka\u00a0brings the latest legal updates from the world of real estate. Pardalis &#038; Nohavicka handles an eclectic array of matters, representing individuals and business owners in civil litigation, criminal cases and business transactions, currently litigating and representing clients throughout the United States and around the world. At the end of&hellip;<\/p>\n","protected":false},"author":67,"featured_media":39607,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9499,376,328,796],"tags":[11097],"class_list":["post-39599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal","category-new-york-commercial-real-estate","category-new-york-real-estate","category-how-to","tag-real-estate-law"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What The \u201cConsolidated Appropriations Act - 2021\u201d (CAA) Has In Store For Landlords &amp; Tenants - PropertyShark Real Estate Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2021\/01\/21\/what-caa-has-in-store-for-landlords-tenants-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What The \u201cConsolidated Appropriations Act - 2021\u201d (CAA) Has In Store For Landlords &amp; Tenants\" \/>\n<meta property=\"og:description\" content=\"NYC-based boutique law firm\u00a0Pardalis &amp; Nohavicka\u00a0brings the latest legal updates from the world of real estate. 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