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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(7) DHCR may issue,
upon an owner application, an advisory prior opinion pursuant to section
of this Title, as to
whether the proposed work qualifies for an increase in the legal regulated
rent.2507.11

(8) No increase pursuant to
paragraph (1) of this subdivision shall be granted by the DHCR, unless an
application is filed no later than two years after the completion of the
installation or improvement unless the applicant can demonstrate that the
application could not be made within two years due to delay, beyond the
applicant's control, in obtaining required governmental approvals for which the
applicant has applied within such two-year period.

(9) An increase for an improvement made
pursuant to paragraph (1) of this subdivision shall not be granted by the DHCR
to the extent that, after a plan for the conversion of a building to
cooperative or condominium ownership is declared effective, such improvement is
paid for out of the cash reserve fund of the cooperative corporation or
condominium association. However, where prior to the issuance of an order
granting the increase, the funds taken from the reserve fund are returned to it
by the sponsor or holder of unsold shares or units or through a special
assessment of all shareholders or unit owners, the increase may be based upon
the actual, reasonable and verifiable cost of the improvement. Nothing in this
paragraph shall prevent an owner from applying for, and the DHCR from granting,
an increase for such improvement to the extent that the cost thereof is
otherwise paid for by an owner.