9 NYCRR § 2102.3 — Grounds for increase of maximum rent (State Rent & Eviction Regs., via Cornell LII)

Citation
9 NYCRR § 2102.3 — Grounds for increase of maximum rent (State Rent & Eviction Regs., via Cornell LII)
Jurisdiction
New York (state)
Source verification
official_capture_completeness_unverified
Original Source
https://www.law.cornell.edu/regulations/new-york/9-NYCRR-2102.3 ↗

Related Parts of This Source

Full Text

1,724 chars 
(a) At the time of the initial application
for a temporary major capital improvement rent increase, an owner must apply
for a waiver of application of the Reasonable Cost Schedule. Such application
shall include all necessary requirements set forth in subparagraph (viii) of
this paragraph and must also meet the following requirements:

(1) Non-Landmarked Buildings (Buildings not
designated by the Landmark Commission):

(i) A
licensed engineer or architect must certify that:

(A) the major capital improvement costs for
which an owner seeks a temporary major capital improvement rent increase are
accurate and reasonable under the circumstances; and

(B) there is no common ownership or other
financial interest between the contractor installing the replacement or upgrade
and the ownership entity of the owner; and

(C) a bid process was conducted and
supervised by a licensed architect or engineer.

(2) Landmarked Buildings (Buildings
designated by the Landmark Commission): The costs beyond those permitted by the
reasonable cost schedule that were the result of any law, regulation, rule, or
requirement under which the premises have been designated a landmark
building.

(3) Capital Improvement
Work Performed While Also Under Another Governmental Agency's Supervision: DHCR
may also accept the cost of contract where:

(i) the building is subject to both (a) the
Rent Stabilization Law, and (b) another housing program, and

(ii) the contract is approved by or awarded
under the supervision of a state, city or local housing entity in conjunction
with that affordable housing program, and

(iii) such supervision includes a process by
which such supervising agency reviews the costs to assure they are
reasonable.