Capital Improvement Plan- Resolution 15138


 

A Capital Improvement is any improvement to a rental unit or property that

  • (a) materially adds to the value of the property
  • (b) appreciably prolongs the useful life or adapts the property to new use
  • (c) has a useful life of more than one year and is required to be amortized over 15 years (the useful life of the improvement)
  • (d) has a documented cost that is not less than the product of eight times the amount of the rent multiplied by the number of rental units to be improved.

No rent increase shall be granted and no owner shall terminate a tenancy for routine repairs, replacement or maintenance.

No rent increase shall be granted in consideration of any Capital Improvement for which a building permit had been issued prior to November 1, 2015 or, if the Capital Improvement was for work for which a building permit was not required, for any Capital Improvement that was started prior to November 1, 2015. For Capital Improvements
started after November 1, 2015 for which an owner seeks a rent increase, the owner must request the rent increase within 12 months of completion of the Capital Improvements. 

It is strongly suggested that the Capital Improvement Plan Policy be reviewed.  

 

CIP-01   Application for a Capital Improvement Plan
Version 8.12.16

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