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PHFL allows higher rent collection for certain low-income housing projects.
On Dec. 15, 2022, Governor Hochul signed Section 610 of the Private Housing Finance Law (PHFL) to resolve a conflict for low-income housing owners between their rental subsidy program and rent stabilization laws. As a result of the amendment, these owners will now be able to collect the maximum payment standard or contract rent that a rental subsidy program allows without affecting what will be the legal regulated rent after the subsidy expires.
