Sales of Improvements
Proposed Rules: Closed to Comments
Statement of Basis and Purpose
Pursuant to § 282 of Article 7-C of the MDL (“Loft Law”), the Loft Board may promulgate rules to ensure compliance with the Loft Law. Effective as of June 21, 2010, the Legislature enacted Chapters 135 and 147 of the Laws of 2010, which amended the Loft Law.
To ensure the Loft Board rules are aligned with the recent amendments to the Loft Law, the proposed rule:
- Adds provisions addressing when units covered by the Loft Law pursuant to MDL § 281(5) may be exempted from rent regulation after a sale of improvements.
- Amends the service and proof of service requirements for an application challenging a proposed sale of improvements.
- Increases the penalties that may be imposed for an owner’s failure to file a sales record form with the Loft Board.
- Removes provisions governing sales of improvements that occurred prior to March 23, 1985.
- Adds headings and re-orders the subdivisions of the rule into a more coherent section.