Thursday, April 17, 2014

More Seniors Can Avoid Rent Increases

Because of a new state law,  seniors (62 and older) may be able to freeze their rents at their current level.

Beginning July 1st, when the law should go into effect, qualified seniors can apply for the Senior Citizen Rent Increase Exemption (SCRIE).   

To qualify, you need all of these: 

1. The senior lives in a rent stabilized apartment.

2. The senior is named on the lease.

3. The combined household annual income is no more than $50,000 (before July 1st, the limit is $29,000).

4. The tenant is paying at least 1/3 of the household income in rent - or will be with a new lease renewal.

Usually tenants apply when they get their lease renewal form from the landlord.