LEGAL CORNER: NYC Passes the FARE Act and Restricts the Payment of Commissions by Tenants
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
WHITE PLAINS—The Hudson Gateway Association of Realtors recently announced it had distributed $158,589 of the $500,000 available from the National Association of Realtors’ “Realtor Relief Foundation” to help Hudson Valley residents affected by the flash flooding on July 9-10. To date, 92 residents have received grant money since HGAR was awarded the NAR Realtor Relief Foundation funding.
Each household affected by this disaster is eligible for up to $2,000 towards mortgage, rent, or hotel expenses due to displacement. To be eligible, recipients must be full-time residents in Westchester, Putnam, Dutchess, Rockland, or Orange counties and must be either a U.S. citizen or legally admitted for residence in the U.S.
Michael and Tracy McCue of Yonkers recently received a Realtor Relief check. A Century 21 Dawn’s Gold Realty agent, Michael McCue, said the check helped to alleviate some of the thousands of dollars they had already spent on damage to their home. “We are grateful for this assistance, as our insurance did not cover any of the costs involved,” he said.
The McCue’s had to drain over a foot of water from their basement and do a complete cleanup of mud and mold, repair damage to their backyard and repair the drainage leading to the street. “We were away when the storm arrived and when we got home, everything in our finished basement was ruined,” ‘he added. They will also have to bear the cost of refinishing the basement.
Judy Gladd of Highland Falls said her check came when she needed it most, as her mortgage budget drafting program was about to be terminated. “Thank God this check came the week before the program ended,” said Gladd. “I want to thank HGAR and the foundation so much and I was so very happy that they reached out to me.” Gladd is still working to repair a backyard shed that was damaged from the storm.
“Realtors don’t just live and work in our communities—we give back to them,” said HGAR President Tony D’Anzica. “The Hudson Gateway Association of Realtors has been a long-time contributor to the Realtor Foundation and we are grateful for the foundation’s support for those in need. We want the members of the communities we serve to know that, in more ways than they might realize, our Realtor family works every day to help them.”
Residents in those areas who sustained flood damage may apply for one of the following options:
• Monthly mortgage expense for the primary residence that was affected.
• Rental cost due to displacement from the primary residence.
• Hotel reimbursement due to displacement from primary residence.
Financial assistance is awarded for housing only. Second mortgages, home equity loans, clothing, appliances, equipment or vehicle purchase, rental or repairs are not eligible under this program.
All applicants are required to submit photo IDs to show proof of residency, such as a driver’s license or other documentation, as well as a copy of the mortgage statement, lease agreement or hotel receipt. In addition, photos of damages, insurance estimates, claim status reports or copies of repair estimates must also be submitted as proof of damage to the primary residence.
NAR’s Realtor Relief Foundation dates back to 2001 following the September 11 terrorist attacks. NAR’s Executive Leadership team launched the program to secure contributions to help those who were impacted. Since that time, they have been providing housing assistance relief to victims of natural disasters throughout the nation. The foundation has awarded more than $40 million in total, funding 100 disaster recoveries in 43 states, and helping more than 20,000 families.
For more information on how to apply for these grants, please visit the HGAR |Realtors Relief Foundation at https://www.hgar.com/realtors-relief-foundation. The deadline for receiving applications is October 15.
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