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Q: What is an MCI?
A: A Major Capital Improvement (known as an “MCI”) rent increase is a temporary increase in rent for a rent-stabilized or rent-controlled tenant, based on money spent by the landlord on building-wide improvements or on replacing a major building system. There is a lengthy application process with the State through the agency Division of Housing and Community Renewal (DHCR) before the increase is added to tenant rents.
Q: How long after I finish the job on my building do I have to file my MCI?
A: You have two years after the final sign off on the job. After that you can not file for an MCI Rent Increase for that job.
Q: Do all improvements to my building qualify as an MCI?
A: No. Historically there have been specific and at times confusing limitations to what constitutes an MCI. As of late 2019, we are waiting for the State to comply with the Housing Stability and Tenant Protection Act of 2019 (HSTPA 2019). The legislation requires a schedule of allowed work and reasonable costs associated for that work. We are actively pursuing the information from DHCR. We would be happy to discuss what work you have done to see if it is likely to qualify based on past standards.
Q: Can I get an MCI Rent Increase for doing work on only a part of my building?
A: In most cases, no. But there are exceptions. Give us a call for a definitive answer on your case.
Q: Why should I use Ed Tristram Associates for my MCI Rent Increase?
A: We have been doing MCI increases for over 35 years. We pride ourselves on our knowledge of the ins and outs of the application process. There are many pitfalls that don’t always make sense to the layman and shortcuts that aren’t always explicitly stated in the instructions.