Property Management Blog

Operational Bulletin 95-2 (December 15, 1995) also known as Substantial Rehabilitation

Hi, Adam Jernow here in what could be a pretty cute apartment, but it's currently pretty rundown. It hasn't been renovated, I'm guessing 30 to 40 years. And still, as one of probably the original floors now in this post-pandemic era, we were lucky enough to get a building with seven and eight vacant units, and we're going to be able to renovate these units under a program known as Substantial Rehabilitation Guidelines established by HCR 1995, which say that if a landlord puts enough money and time into the building as judged by renovating 15 out of 17 systems such as heating, plumbing, HVAC, all floors, all the walls, all the kitchens, all the baths, elevators. There are incinerators. You really have to renovate the entire show suits enough after doing that, and I say it takes a lot of work because it does work, time, and money. You're not getting away with anything in this so-called loophole. That's why I don't like that phrase. But after doing that, you can get your building from regulated into free-market status. 

Now, this is something that we do for clients, and it's something that we love the project management aspect as far as because it really involves our core values of resourcefulness and diligence. So if this is something that you think you are eligible for and you need a little help, give us a call at Wayfinder.

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