Major Capital Improvements Increases
Major Capital Improvements (MCI) apply to improvements or installations to a building subject to rent stabilization or rent control laws. Landlords can apply to the Division of Housing and Community Renewal (DHCR) for approval to raise the rents of the tenants based on the actual, verified cost of improvement or installation.
Generally, these improvements, pursuant to the rent stabilization guidelines, increase the amount of rent landlords are permitted to charge and help increase the apartment building’s property value which eventually may lead to deregulation of the rental unit. Some examples of MCI items include boilers, windows, electrical rewiring, plumbing and roofs. Also, to be eligible for the MCI increase, it must be a new installation and cannot be a repair to old equipment.
If Landlords and property managers seek to obtain an MCI increase, they are encouraged to make sure building permits and certificates of completion are obtained when required as well as saving all receipts, construction contracts and records regarding the improvements made to the property.
Our firm has extensive experience in preparing, filing and obtaining MCI increases for our clients resulting in increased revenue and value to the premises. Call us today at (914) 965-1011 for assistance.
Generally, these improvements, pursuant to the rent stabilization guidelines, increase the amount of rent landlords are permitted to charge and help increase the apartment building’s property value which eventually may lead to deregulation of the rental unit. Some examples of MCI items include boilers, windows, electrical rewiring, plumbing and roofs. Also, to be eligible for the MCI increase, it must be a new installation and cannot be a repair to old equipment.
If Landlords and property managers seek to obtain an MCI increase, they are encouraged to make sure building permits and certificates of completion are obtained when required as well as saving all receipts, construction contracts and records regarding the improvements made to the property.
Our firm has extensive experience in preparing, filing and obtaining MCI increases for our clients resulting in increased revenue and value to the premises. Call us today at (914) 965-1011 for assistance.