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) the
actual amount expended, or

(ii) the
maximum reasonable cost from the schedule, and such other additional items that
are eligible as a major capital improvement but are not listed as part of the
Reasonable Cost Schedule.

(b) The schedule provides a maximum of costs
that can be granted for eligible major capital improvements. All costs granted
for a temporary major capital improvement rent increase must be actual,
reasonable, verifiable, and meet all other regulatory
requirements.

(viii)
Waiver of Application of Reasonable Cost Schedule

(a) Owners may apply for a waiver of
application of the Reasonable Cost Schedule. The waiver request will be denied,
unless the owner satisfies the waiver requirements provided herein, and the
Division finds the waiver of the application of the schedule to be reasonable
and warranted under the circumstances set forth in such application.

(b) If an owner's application for a waiver of
the reasonable cost schedule is denied, the owner's maximum recoupment shall be
limited to that required by the applicable Reasonable Cost Schedule.

(c) Notwithstanding any waiver of the
reasonable cost schedule, not all costs claimed for a temporary major capital
improvement rent increase may be awarded, as the costs of items claimed may be
disallowed, in whole or in part, pursuant to all other requirements set forth
in this section that must be met and fully supported.

(d) Pursuant to the requirements specified
below, such application must be fully supported and demonstrate that the
claimed costs underlying the temporary MCI rent increase are:

(1) not identified in the Reasonable Cost
Schedule, or