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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(10) Any temporary major capital improvement
increase granted pursuant to paragraph (1) of this subdivision shall be reduced
by an amount equal to (i) any governmental grant received by the landlord,
where such grant compensates the landlord for any improvements required by a
city, state or federal government, an agency or any granting governmental
entity to be expended for improvements and (ii) any insurance payment received
by the landlord where such insurance payment compensates the landlord for any
part of the costs of the improvements. Low interest loans or repayable
subsidies shall not be considered grants for the purposes of this
paragraph.

(11) Rent adjustments
pursuant to paragraph (1) of this subdivision and subdivisions (c) and (d) of
this section shall be allocated as follows: The DHCR shall determine the dollar
amount of the monthly rent adjustment. Such dollar amount shall be divided by
the total number of rooms in the building. The amount so derived shall then be
added to the rent chargeable to each housing accommodation in accordance with
the number of rooms contained in such housing accommodation.

(12) When determining the adjustment of legal
regulated rents pursuant to paragraph (1) of this subdivision, where the
subject building contains commercial rental space in addition to residential
rental space, and the DHCR determines that such commercial space benefits from
the improvement, DHCR shall allocate the approved costs between the commercial
rental space and the residential rental space based upon the relative square
feet of each rental area.