What Owners Should Know

The Loft Law gives Owners obligations and benefits. The Loft Law imposes specific obligations on all IMD Owners. The most important of these obligations is the requirement that the Owner meet certain statutory deadlines in converting the IMD building to legal residential premises. Additionally, the Loft Law confers certain benefits on IMD Owners, such as the right to receive statutory rent increases as each Code Compliance Deadline is reached, and the right to recoup certain costs incurred as a result of the legal conversion of the building.

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