9 NYCRR § 2502.4 — Adjustment of legal regulated rent (Emergency Tenant Protection Regs., via Cornell LII)

Citation
9 NYCRR § 2502.4 — Adjustment of legal regulated rent (Emergency Tenant Protection Regs., 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-2502.4 ↗

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(ii) The item or equipment needs to be
replaced because such item or equipment is beyond repair, or spare parts are no
longer available, or required repairs would cost more than seventy-five (75)
percent of the cost of the total replacement of the item or equipment.
Certification by a duly licensed engineer or architect, where there is no
common ownership or other financial interest with the owner, shall be
considered substantial proof of such condition(s). The owner may also be
required to submit proof that the item or equipment was properly maintained.
Such proof may include receipts for repairs and parts or maintenance
logs;

(iii)

(A) An appropriate New York State or local
governmental agency has determined that the item or equipment needs to be
replaced as part of a government housing program;

(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: