New York City Primary Renovation Program
Do you own property that is rented to tenants? In some locations, you may be able to obtain reimbursement for the renovations you’ve carried out. The Primary Renovation Program can help you recuperate the costs of major repairs and renovations. However, it should be noted that this program primarily pertains to rent-controlled buildings. New York City property owners need to know more about this program.
What Is It?
The Primary Renovation Program is very helpful because it allows landlords to obtain 100% reimbursement for upgrades made to rent-controlled properties. However, it is important to understand that the upgrade needs to qualify. For instance, it needs to be a major upgrade such as an improvement to the building’s water pipes, HVAC system, or electrical wiring system.
How Will Building Owners Receive Reimbursement?
This program ensures that the landlord can finance the necessary improvement by increase the monthly rent. This applies to rent-controlled tenants as well. Even after the upgrades have been paid in full, the rent increase will stay. This guarantees that the building owner can continue earning more from the property in question.
Can All Building Owners Benefit From This Program?
New York building owners may benefit from this program. Remember that some properties are restricted by the government. Rents are kept artificially low by the government. Owners of rent-controlled buildings can benefit greatly by taking advantage of this program. It ensures that they’re able to enhance the value of their property, perform major repairs, and receive higher rent payments.
Is The Program Allowed By The Rent Stabilization Act?
In some areas, rent costs are controlled by the Rent Stabilization Act. This allows the annual rental prices to increase accordingly. It should be noted that this act will not impact the benefits of the Primary Renovation Program.
Why Is This Program Important?
Lower than market rents may prevent landlords from making necessary repairs to buildings. This is why the Primary Renovation Program is so important. This ensures that landlords can complete the necessary repairs. The program encourages landlords to reinvest in their properties and help their tenants.
Is It The Same As The Capital Improvement Program?
The two programs are much different. The biggest difference is the fact that the Primary Renovation Program ensures landlords can receive 100% of the costs. With the alternative program, the landlord will only be reimbursed for 50% of the costs.
What Are The Costs Of The Primary Renovation Program?
Unfortunately, this program requires landlords to complete a lot of paperwork. This greatly increases the amount of time needed to complete the necessary repairs and get reimbursement.
Can I Skip The Headache And Get A 100% Rebate?
A lot of landlords do not want to complete a lot of paperwork and wait too long. If you fit into this category, you’ll be thrilled to know that you can skip to the finish line. Certain contractors specialize in the Primary Renovation Program. We can help. Contact our New York office to learn about this program and similar programs that are designed to help New York landlords.
We’re available around the clock so we can help you at any time.