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)
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Original Source
https://www.law.cornell.edu/regulations/new-york/9-NYCRR-2502.4 ↗

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(iv) Institutional mortgage shall include a
mortgage given to any insurance company, licensed by the State of New York or
authorized to do business in the State of New York, or any commercial bank,
trust company, bank and trust company, savings bank or savings and loan
association (which must be licensed under the laws of any jurisdiction within
the United States and authorized to do business in the State of New York),
pension funds, credit unions, insurance companies and governmental entities.
The division may determine that any other mortgage is an institutional mortgage
in its discretion.

(v) Owner's
equity shall mean the sum of:

(a) the purchase
price of the property, less the principal of any mortgage or loan used to
finance the purchase of the property;

(b) the cost of any capital improvement for
which the owner has not collected an increase in rent, less the principal of
any mortgage or loan used to finance said improvement;

(c) any repayment of the principal of any
mortgage or loan used to finance the purchase of the property, or any capital
improvement for which the owner has not collected an increase in rent;
and

(d) any increase in the
equalized assessed value of the property which occurred subsequent to the first
valuation of the property after purchase by the owner.

(vi) Threshold income shall mean that income
for such building which exceeds the annual operating expense for such building
by a sum equal to five percent of such threshold income.

(vii) Test year shall mean any one of the
following:

(a) the most recent calendar year
(January 1st to December 31st);

(b)
the most recent fiscal year (one year ending on the last day of a month other
than December 31st), provided that books of account are maintained and closed
accordingly; or