9 NYCRR § 2522.4 — Adjustment of legal regulated rent (Rent Stabilization Code, via Cornell LII)

Citation
9 NYCRR § 2522.4 — Adjustment of legal regulated rent (Rent Stabilization Code, via Cornell LII)
Jurisdiction
New York (state)
Source verification
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Original Source
https://www.law.cornell.edu/regulations/new-york/9-NYCRR-2522.4 ↗

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(2) If the waiver is denied, the owner will
not be eligible for a temporary major capital improvement increase. However, if
the waiver is granted, the useful life requirement will not be a factor in the
determination of eligibility for the temporary major capital improvement rent
increase. Approval of the waiver does not assure that the application will be
granted, as all other requirements set forth in this paragraph must be
met.

(3) An owner may apply for,
and the DHCR may grant, a waiver of the useful life requirements set forth in
the Useful Life Schedule, if the owner satisfactorily demonstrates the
existence of one or more of the following circumstances:

(i) The item or equipment cannot be repaired
and must be replaced during its useful life because of a fire, vandalism or
other emergency, or "act of God" resulting in an emergency;

(ii) The item or equipment needs to be
replaced because such item or equipment is beyond repair, or spare parts are no
longer available, or required repairs would cost more than seventy-five (75)
percent of the cost of the total replacement of the item or equipment.
Certification by a duly licensed engineer or architect, where there is no
common ownership or other financial interest with the owner, shall be
considered substantial proof of such condition(s). The owner may also be
required to submit proof that the item or equipment was properly maintained.
Such proof may include receipts for repairs and parts or maintenance
logs;

(iii)

(a) An appropriate New York State or local
governmental agency has determined that the item or equipment needs to be
replaced as part of a government housing program;