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)
Operating expenses shall consist of the actual, reasonable costs of fuel,
labor, utilities, taxes (other than income or corporate franchise taxes), fees
(including attorney's fees for services rendered during the test year not
related to refinancing of mortgage), permits, necessary contracted services and
repairs for which an owner is not eligible for an increase pursuant to this
section, insurance, parts and supplies, reasonable management fees, mortgage
interest, and other reasonable and necessary administrative costs applicable to
the operation and maintenance of the property.

(iii) Mortgage interest shall be deemed to
mean interest on that portion of the principal of an institutional or_a bona
fide mortgage, including an allocable portion of the charges related thereto.
Criteria to be considered in determining a bona fide mortgage other than an
institutional mortgage shall include, but not be limited to, the following: the
condition of the property, the location of the property, the existing mortgage
market at the time the mortgage is placed, the principal amount of the
mortgage, the term of the mortgage, the amortization rate, security and other
terms and conditions of the mortgage.