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Fortunately there was no 421-a rider attached in my lease & my unit is permanently affordable rent stabilized so the LL won't increase my rent more than the percentage voted by the RGB.
Quote:
Originally Posted by lenouveau
Please be careful there is a rider attached to our lease called the 421 a riders that notifies us that owners are allowed to charge an additional 2.2% of the RG on the anniversary of their contract, for mine its 2039.
for example in 2039 my rent will increase by 2.2% and the rent guidelines %, let says 5% so the total will be 7.2%. and it will continue like this until June 30, 2044.
Some buidlind it will be sooner if they only have a 15 years contracts so 4 - 6 years stabilized and the rest during phased out will be charged the additional amount. This one is 35 years with a 3-4 years construction exemption included.
Fortunately there was no 421-a rider attached in my lease & my unit is permanently affordable rent stabilized so the LL won't increase my rent more than the percentage voted by the RGB.
Some buildings are indeed have limited abatements like your building is apparently until 2039 & tenants have to be informed about this when they sign their lease so they know what to expect from their affordable units, LL has to attach it in the lease or they will be penalized. My unit is permanently affordable & my LL attached the permanently affordable rider to the lease, here's the title of the rider that was attached to my lease: https://imgur.com/a/Qn2r68S
Some buildings are indeed have limited abatements like your building is apparently until 2039 & tenants have to be informed about this when they sign their lease so they know what to expect from their affordable units, LL has to attach it in the lease or they will be penalized. My unit is permanently affordable & my LL attached the permanently affordable rider to the lease, here's the title of the rider that was attached to my lease: https://imgur.com/a/Qn2r68S
Hi, I just spoke with one of the managers for 421-a program at HPD and he informed me there is no such thing as permanently affordable. The rider you have attached I also have it in my lease as a second page, the 421-a rider is after the appendix A (lead paint rider) page on the lease. It simply mentioned that the apartment will remain rent stabilized as long as I occupied the apartment but once I leave and another tenant comes during the phased out which will happen in 17 years, they can charged the maximum for that apartment permitted under the RSL and not be penalized for it. The old rent-stabilized law is no longer in effect since 2019. All the new building that received 421-a WILL expire at some point or unless the new 421-a law Kathy about to sign allows them to renew their contracts.
Hi, I just spoke with one of the managers for 421-a program at HPD and he informed me there is no such thing as permanently affordable. The rider you have attached I also have it in my lease as a second page, the 421-a rider is after the appendix A (lead paint rider) page on the lease. It simply mentioned that the apartment will remain rent stabilized as long as I occupied the apartment but once I leave and another tenant comes during the phased out which will happen in 17 years, they can charged the maximum for that apartment permitted under the RSL and not be penalized for it. The old rent-stabilized law is no longer in effect since 2019. All the new building that received 421-a WILL expire at some point or unless the new 421-a law Kathy about to sign allows them to renew their contracts.
Our leases may have different riders, my lease didn't have 421-a rider & any riders you mentioned except the one I just shared to you & I just signed my lease renewal, everything remained the same. Tenant must be informed in advance about how long the building abatements & I never got any information except the rider that stated my unit is permanently affordable:
PURSUANT TO THE HPD MIH RESTRICTIVE DECLARATION, ALL INCLUSIONARY HOUSING UNITS SHALL BE PERMANENTLY AFFORDABLE, RENT STABILIZED UNITS. THE RENT STABILIZED RENTS FOR SUCH UNIT SHALL NOT EXCEED 30% OF THE QUALIFYING INCOME LEVEL.
Quote:
Originally Posted by lenouveau
Hi, I just spoke with one of the managers for 421-a program at HPD and he informed me there is no such thing as permanently affordable. The rider you have attached I also have it in my lease as a second page, the 421-a rider is after the appendix A (lead paint rider) page on the lease. It simply mentioned that the apartment will remain rent stabilized as long as I occupied the apartment but once I leave and another tenant comes during the phased out which will happen in 17 years, they can charged the maximum for that apartment permitted under the RSL and not be penalized for it. The old rent-stabilized law is no longer in effect since 2019. All the new building that received 421-a WILL expire at some point or unless the new 421-a law Kathy about to sign allows them to renew their contracts.
Our leases may have different riders, my lease didn't have 421-a rider & any riders you mentioned except the one I just shared to you & I just signed my lease renewal, everything remained the same. Tenant must be informed in advance about how long the building abatements & I never got any information except the rider that stated my unit is permanently affordable:
PURSUANT TO THE HPD MIH RESTRICTIVE DECLARATION, ALL INCLUSIONARY HOUSING UNITS SHALL BE PERMANENTLY AFFORDABLE, RENT STABILIZED UNITS. THE RENT STABILIZED RENTS FOR SUCH UNIT SHALL NOT EXCEED 30% OF THE QUALIFYING INCOME LEVEL.
yes Part C. indicated that. I am aware and know which you are mentioning, I currently have it in front of me. there is part A, B, C,D AND E then signature of tenants and owners. Like mention before some tenant don't attach it until the 21st anniversary of their contract then they start adding it to notify you they are entering the end of their 35 years contract. HCR also explains it.
I believe this is the reason why your LL has right to increase 2.2% on top of what RS regulated by the city, perhaps your building is receiving 421-a (1-15) tax benefits. I found a clause in my lease renewal saying:
(C) (1) if the building in which apartment is located is receiving 421-a (1-15) tax benefits, a clause may be added providing for an annual or other periodic rent increase over the initial rent at an average rate of not more than 2.2% of the amount of such initial per annum not exceed nine 2.2 percent increases. Such charge shall not become part of the legal regulated rent; however, the cumulative 2.2 percent increases charged prior to the termination of tax benefits may continue to be collected as a separate charge.
When I checked out my lease to find out the type of 421-a tax breaks that my building got, my LL put 421-a (16) tax benefits not 421-a (1-15).
Quote:
Originally Posted by lenouveau
Hi, I just spoke with one of the managers for 421-a program at HPD and he informed me there is no such thing as permanently affordable. The rider you have attached I also have it in my lease as a second page, the 421-a rider is after the appendix A (lead paint rider) page on the lease. It simply mentioned that the apartment will remain rent stabilized as long as I occupied the apartment but once I leave and another tenant comes during the phased out which will happen in 17 years, they can charged the maximum for that apartment permitted under the RSL and not be penalized for it. The old rent-stabilized law is no longer in effect since 2019. All the new building that received 421-a WILL expire at some point or unless the new 421-a law Kathy about to sign allows them to renew their contracts.
Interesting! May I know what does part E say in your rider? My rider only has part A, B, C, & D, there is no E in it
Quote:
Originally Posted by lenouveau
yes Part C. indicated that. I am aware and know which you are mentioning, I currently have it in front of me. there is part A, B, C,D AND E then signature of tenants and owners. Like mention before some tenant don't attach it until the 21st anniversary of their contract then they start adding it to notify you they are entering the end of their 35 years contract. HCR also explains it.
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