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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(i) within or below the
maximum costs for the class of work,

(ii) are necessary for the claimed
improvement, and

(iii) eligible for
reimbursement as a major capital improvement.

(2) Costs will not be granted for expenses
which are ineligible for major capital improvement rent increases.

(3) Only the actual and verifiable amounts
expended by owners for qualifying major capital improvement costs will be the
basis for any temporary major capital improvement rent increase. Qualifying
owners will, therefore, be awarded a temporary major capital improvement rent
increase on the lesser of either:

(i) the
actual amount expended, or

(ii) the
maximum reasonable cost from the schedule, and such other additional items that
are eligible as a major capital improvement but are not listed as part of the
Reasonable Cost Schedule.

(b) The schedule provides a maximum of costs
that can be granted for eligible major capital improvements. All costs granted
for a temporary major capital improvement rent increase must be actual,
reasonable, verifiable, and meet all other regulatory requirements.

(viii) Waiver of Application of
Reasonable Cost Schedule

(a) Owners may apply
for a waiver of application of the Reasonable Cost Schedule. The waiver request
will be denied, unless the owner satisfies the waiver requirements provided
herein, and the Division finds the waiver of the application of the schedule to
be reasonable and warranted under the circumstances set forth in such
application.

(b) If an owner's
application for a waiver of the reasonable cost schedule is denied, the owner's
maximum recoupment shall be limited to that required by the applicable
Reasonable Cost Schedule.