(2) The Fair Market Rent for existing housing as established by the United States
Department of Housing and Urban Development (HUD) for the New York City
Primary Metropolitan Statistical Area pursuant to Section 8(c) (1) of the United States
Housing Act of 1937 (42 U.S.C. section 1437f [c] [1] ) and 24 C.F.R. Part 888, with
such Fair Market Rents to be adjusted based upon whether the tenant pays his or her
own gas and/or electric charges as part of his or her rent as such gas and/or electric
charges are accounted for by the New York City Housing Authority.
Such HUD-determined Fair Market Rents will be published in the Federal Register, to
take effect on October 1, 2008.
CREDITS
Rentals charged and paid in excess of the levels of rent increase established by this Order
shall be fully credited against the next month's rent.
STATEMENT OF BASIS AND PURPOSE
The Rent Guidelines Board is authorized to promulgate rent guidelines governing
apartment units subject to the Rent Stabilization Law of 1969, as amended, and the
Emergency Tenant Protection Act of 1974, as amended. The purpose of these guidelines
is to implement the public policy set forth in Findings and Declaration of Emergency of
the Rent Stabilization Law of 1969 (§26-501 of the N.Y.C. Administrative Code) and in
the Legislative Finding contained in the Emergency Tenant Protection Act of 1974
(L.1974 c. 576, §4 [§2]).
The Rent Guidelines Board is also authorized to promulgate rent guidelines for loft units
subject to Section 286 subdivision 7 of the Multiple Dwelling Law. The purpose of the
loft guidelines is to implement the public policy set forth in the Legislative Findings of
Article 7-C of the Multiple Dwelling Law (Section 280).