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Adopted Rules: Closed to Comments

Adopted Rules Content: 

 

STATEMENT OF BASIS AND PURPOSE

 

On June 21, 2010, the New York State Legislature amended Article 7-C of the Multiple Dwelling Law (“Loft Law”) to add, among other things, MDL § 281(5) which expanded the criteria for Article 7-C coverage. In Chapter 4 of the Laws of 2013, the New York State Legislature further amended MDL § 281(5) and, among other things, modified the amount of rent adjustments that owners may receive pursuant to MDL § 286(2)(ii), commonly referred to as “milestone increases.”

 

Pursuant to MDL § 286(2)(ii), owners of interim multiple dwelling (“IMD”) buildings, including those owners of the buildings covered pursuant to MDL § 281(5), may seek rent adjustments upon achieving three legalization milestones. The legalization milestones are: 1) the filing of an alteration application with the Department of Buildings for conversion of the building from commercial to residential use; 2) the issuance of a permit for the alteration application; and 3) achieving Article 7-B compliance. An IMD owner may collect the rent adjustment for achieving one or more milestones the month immediately following compliance.

 

The amended rule describes the procedure for obtaining the rent adjustments in MDL § 286(2)(ii) for units subject to the Loft Law pursuant to MDL § 281(5) and refers to MDL § 286(2)(ii) for the rent adjustment percentages for achieving each legalization milestone. The amended rule also includes new section headings and minor clarifying revisions.

 

 

Effective Date: 
Wed, 09/11/2013

Proposed Rules: Closed to Comments

Agency:
Comment By: 
Thursday, May 16, 2013
Proposed Rules Content: 

 

STATEMENT OF BASIS AND PURPOSE

 

On June 21, 2010, the New York State Legislature amended Article 7-C of the Multiple Dwelling Law (“Loft Law”) to add, among other things, MDL § 281(5) which expanded the criteria for Article 7-C coverage. In Chapter 4 of the Laws of 2013, the New York State Legislature further amended MDL § 281(5) and, among other things, modified the amount of rent adjustments that owners may receive pursuant to MDL § 286(2)(ii), commonly referred to as “milestone increases.”

 

Pursuant to MDL § 286(2)(ii), owners of interim multiple dwelling (“IMD”) buildings, including those owners of the buildings covered pursuant to MDL § 281(5), may seek rent adjustments upon achieving three legalization milestones. The legalization milestones are: 1) the filing of an alteration application with the Department of Buildings for conversion of the building from commercial to residential use; 2) the issuance of a permit for the alteration application; and 3) achieving Article 7-B compliance. An IMD owner may collect the rent adjustment for achieving one or more milestones the month immediately following compliance.

 

The proposed rule describes the procedure for obtaining the rent adjustments in MDL § 286(2)(ii) for units subject to the Loft Law pursuant to MDL § 281(5) and refers to MDL § 286(2)(ii) for the rent adjustment percentages for achieving each legalization milestone. Finally, the proposed rule includes new section headings and minor clarifying revisions.

 

 

Subject: 

Opportunity to comment on proposed rule changes to Section 2-12 of the Loft Board Rules which relate to rent adjustments under Multiple Dwelling Law (“MDL”) § 286(2)(ii).

Location: 
22 Reade Street Spector Hall, 1st Floor
New York, NY 10007
Contact: 

New York City Loft Board
280 Broadway, 3rd Floor
New York, NY 10007
(212) 566-5663

Download Copy of Proposed Rule (.pdf):