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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(viii) each application under this
subdivision shall be certified by the owner or his or her duly authorized agent
as to its accuracy and compliance with this subdivision, under the penalty of
perjury;

(ix) the annual gross rent
income collectible for the test year does not exceed the annual operating
expenses of such building by a sum equal to at least five percent of such
annual gross rental income collectible;

(x) the owner or a related entity owned by
the same principals acquired the building at least 36 months prior to the date
of application. A cooperative corporation or the board of managers of a
condominium association shall not be considered the owner of the building, nor
are individual shareholders or unit owners considered to be building owners for
the purpose of eligibility for the alternative hardship, and as such are not
permitted to file alternative hardship applications;

(xi) the owner's equity in the building
exceeds five percent of the sum of:

(a) the
arm's-length purchase price of the property;

(b) the cost of any capital improvements for
which the owner has not collected an increase in rent pursuant to paragraph
(b)(1) of this section;

(c) any
repayment of principal of any mortgage or loan used to finance the purchase of
the property or any capital improvements for which the owner has not obtained
an adjustment in rent pursuant to paragraph (b)(1) of this section;
and

(d) any increase in the
equalized assessed value of the property which occurred subsequent to the first
valuation of the property after purchase by the owner; and

(xii) the maximum amount of hardship increase
to which an owner shall be entitled shall be the difference between the
threshold income and the annual gross rent income collectible for the test
year.