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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1,788 chars 
(iii)
Mortgage interest shall be deemed to mean interest on that portion of the
principal of an institutional or a bona fide mortgage, including an allocable
portion of the charges related to the refinancing of the balance of an existing
mortgage or a purchase-money mortgage. Criteria to be considered in determining
a bona fide mortgage other than an institutional mortgage shall include, but
shall not be limited to, the following: the condition of the property, the
location of the property, the existing mortgage market at the time the mortgage
is placed, the principal amount of the mortgage, the term of the mortgage, the
amortization rate, security and other terms and conditions of the
mortgage.

(iv) Institutional
mortgage shall include a mortgage given to any insurance company, licensed by
the State of New York or authorized to do business in the State of New York, or
any commercial bank, trust company, savings bank or savings and loan
association (which must be licensed under the laws of any jurisdiction within
the United States and authorized to do business in the State of New York). The
DHCR may determine in its discretion that any other mortgage issued by a duly
licensed lending institution is an institutional mortgage.

(v) Owner's equity shall mean the sum of:

(a) the purchase price of the property less
the principal of any mortgage or loan used to finance the purchase of the
property;

(b) the cost of any
capital improvement for which the owner has not collected an increase in rent
less the principal of any mortgage or loan used to finance said
improvement;

(c) any repayment of
the principal of any mortgage or loan used to finance the purchase of the
property or any capital improvement for which the owner has not collected an
increase in rent; and