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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(b) If a governmental lender or insurer, for
the purposes of qualifying for a New York State or local government long-term
loan or insured loan, requires the remaining useful life of the building or
building complex, as well as the component parts of such building or building
complex, to be as great as or greater than the term of the loan
agreement.

(iv) The
replacement of an item or equipment which has proven inadequate, through no
fault of the owner, is necessary, provided that there has been no major capital
improvement rent increase for that item or equipment being replaced.

(4) In the event that the DHCR
determines that an installation qualifies for a waiver of the useful life
requirements, the DHCR may, subject to all other requirements of this section,
and the limitations of the reasonable cost schedule provisions in paragraph (2)
of this subdivision:

(i) Where no previous
increase was granted within the useful life of the item or equipment being
replaced, approve one-hundred (100) percent of the actual, reasonable, and
verifiable cost of the item or equipment, including installation;

(ii) Where it is determined that an item is
eligible to be replaced during its useful life, grant a temporary increase
based on the actual, reasonable, and verifiable cost of the item or equipment,
including installation, less both (a) the amount reimbursed from other sources,
such as insurance proceeds or any other form of commercial guarantee, and (b)
the amount of any increase previously granted for the same item or equipment
either as a major capital improvement, or pursuant to other governmental
programs, if such item or equipment has not exhausted at least seventy-five
(75) percent of its useful life at the time of the installation;