§ 52-11 Treatment of Major Capital Improvements ("MCI").
RCNY § 52-11
Tenants who receive SCRIE or DRIE benefits will not be required to pay for an MCI which is issued by HCR either after or no more than 90 days before the date of the Department's receipt of an application. The tax abatement credit for a building owner for an eligible MCI increase will be retroactive to the effective date of the MCI order. If applicable, it will include any collectible portion of such increase which covers a period prior to the effective date of the SCRIE or DRIE rent exemption order. If an MCI is issued more than 90 days prior to the date of the Department's receipt of an application, the tenant will be required to pay for the MCI increase and it will not be included in the tax abatement credit for the building owner. (Added City Record 5/14/2021, eff. 6/13/2021)
