9 NYCRR § 2202.4 — Increased services or facilities, substantial rehabilitation, major capital or other improvements (NYC Rent & Eviction Regs., via Cornell LII)

Citation: 9 NYCRR § 2202.4 — Increased services or facilities, substantial rehabilitation, major capital or other improvements (NYC Rent & Eviction Regs., via Cornell LII)
Jurisdiction: New York (state)
Source: Official source
Original Source: https://www.law.cornell.edu/regulations/new-york/9-NYCRR-2202.4 ↗

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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