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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(v) The maximum
recoverable costs for each type of major capital improvement specified in the
initial Reasonable Cost Schedule shall be based on a survey of such
construction costs undertaken for such installation.

(a) The maximum recoverable costs listed in
the Reasonable Cost Schedule shall be initially published and made available
for public review and comment in conjunction with the promulgation process
required for adoption of this regulation.

(vi) Periodic Review of Reasonable Cost
Schedule: Every year after adoption of this regulation, DHCR shall assess and
review the categories of major capital improvements, the classes of work within
categories eligible for major capital improvements and the maximum recoverable
costs listed for the types of major capital improvement costs identified in the
Reasonable Cost Schedule.

(vii)
Procedure:

(a) When applying for a temporary
major capital improvement rent increase, owners are required to submit an
itemized list of work performed with a description or explanation of the reason
or purpose of such work.

(1) Costs may be
granted for related expenses that are not specified in the actual schedule, if
they are found to be:

(i) within or below the
maximum costs for the class of work,

(ii) are necessary for the claimed
improvement, and

(iii) eligible for
reimbursement as a major capital improvement.

(2) Costs will not be granted for expenses
which are ineligible for major capital improvement rent increases.

(3) Only the actual and verifiable amounts
expended by owners for qualifying major capital improvement costs will be the
basis for any temporary major capital improvement rent increase. Qualifying
owners will, therefore, be awarded a temporary major capital improvement rent
increase on the lesser of either: