03/30/2020
Dear Tenants:
We have all been affected negatively by the virus and the needed shutdown of our income sources and I want you to know that I am NOT immune to the hardships we all are facing. Forty (40%) of your rent payment goes to pay State and Local property taxes that are due April 1st and have not be abated, nor have late fees been waived, if not paid timely they incur up to a 20% interest/penalty rate from the taxing authority.
The next forty (40%) of your rent goes to a bank loan. What about mortgage relief? Landlord owned properties are typically considered “Commercial Mortgages” and only residential mortgages are eligible for relief, and even that residential program offers no real relief except to move your payments for ninety days to the end of the mortgage. I get to pay thirty years of mortgage interest for the privilege of moving a payment. For example, if I offered you the ability to SKIP your rent this month, but in exchange for this benefit, you would have to double it at the end of the lease, would you do it? That leaves 20% to pay for maintenance, insurance, utilities, and upkeep; what is left I use to support my family.
If we share anything in common perhaps you are almost as sick about hearing from every CEO telling you about their COVID-19 response and none of it relates to you. You may be worried about your upcoming rent payment and have heard mixed stories from Facebook or friends and I wanted to make sure you know fact from myth and then let you know what we are able to do as your landlord to bring you some relief.
There is no law or executive order forcing landlords to stop collecting rent, or allowing you not to pay your rent. The sad truth is that almost all of the relief/stimulus coming from the government does not apply to Landlords or small businesses or the bills that we incur each month. Evictions are halted for 90 days, not by law, but by executive order closing down the physical eviction court. This does not mean, you don’t have to pay your rent for 90 days, it means that you cannot be evicted for 90 days, but in theory, all that rent would still be owed with fees and penalty and eviction costs.
More importantly, I value you as our tenant, and I understand times are difficult and I will do anything and everything to help you stay in your home. Here is what I can offer:
1. I will work with you to make sure you are aware of and applying for all of the assistance that is out there. Every person is currently eligible for a $1,200 stimulus check, plus $500 for each dependent. Almost every person is eligible for a minimum of $3,000 per month in State/Federal Unemployment benefits (Even self-employed).
Flow Chart of Benefits: https://labor.ny.gov/ui/cares-act.shtm
PUA Assistance: https://labor.ny.gov/ui/pdfs/pandemic-unemployment-assistance.pdf
2. If you are not earning an income, with notice prior to the due date, late payment fees are waived for the next ninety days.
3. Lump-sum accelerated final payments (last) are waived and may be spread monthly.
4. Subletting fees, and deposits are waived for 90 days.
5. If you need to make money, we will hire you to do maintenance or improvement projects around your property. (abiding by all regulations and social distancing)
6. If you can’t get to the store, we will arrange delivery for you.
7. If you are hungry and can’t afford to buy food, we will make sure you have meals until you can arrange for benefits.
Ultimately, I wish I could waive every tenant rent in these times, but unless the government forgives property taxes, income taxes, utilities, pays my workers and my bank and insurance carriers to forgive my payments, I still have to collect rent. That being said, with all of the support the government is offering to individuals, there shouldn’t be any person who doesn’t qualify for help and with that, if you are still concerned, reach out to me and I will commit to working with any tenant to structure a payment plan that keeps you in your home.
From my family to your family, we wish you good health.
Sincerely,
Gregg Tweedy, CEO
Hyperion Development
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