New York's COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 Offers Broad Benefits for Borrowers and Tenants

Summary

New York Governor Andrew M. Cuomo has signed into law the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (the “Act”), an act designed to prevent—until May 1, 2021—both evictions of residential tenants with financial or health-related hardships arising from the COVID-19 pandemic and foreclosures against homeowners and small landlords with the same hardships. While the Act protects individuals suffering from COVID-19-related hardships, it also benefits tenants, borrowers, and property owners in already pending pre-COVID-19 actions.