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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(i) Where no previous
increase was granted within the useful life of the item or equipment being
replaced, approve 100 percent of the actual, reasonable, and verifiable cost of
the item or equipment, including installation;

(ii) Where it is determined that an item is
eligible to be replaced during its useful life, grant a temporary increase
based on the actual, reasonable, and verifiable cost of the item or equipment,
including installation, less both (a) the amount reimbursed from other sources,
such as insurance proceeds or any other form of commercial guarantee, and (b)
the amount of any increase previously granted for the same item or equipment
either as a major capital improvement, or pursuant to other governmental
programs, if such item or equipment has not exhausted at least seventy-five
(75) percent of its useful life at the time of the installation;

(iii) Where it is determined that an item is
eligible to be replaced even though it has not exhausted seventy-five (75)
percent of its useful life and that it was installed as part of a substantial
rehabilitation or the new construction of a building for which the owner set
initial building-wide rents, the DHCR may reduce the increase granted for a
major capital improvement by a proportion of the remaining useful life of such
item or equipment;

(iv) Where it is
determined that an item is eligible to be replaced even though it has not
exhausted one-hundred (100) percent of its useful life, but has exhausted more
than seventy-five (75) percent of its useful life, the DHCR may reduce the
increase granted for a major capital improvement by a proportion of the
remaining useful life of such item or equipment.