Bill Summary: A10780

• Caps rent adjustments for major capital improvements at 6 percent per year, with any excess spread forward to future years as additional rent increases

• Modifies interim multiple dwelling definitions in cities with over one million residents to reduce minimum unit size from 550 square feet to 400 square feet for buildings occupied residentially during January 2008-December 2009

• Reduces rent adjustment percentages for interim multiple dwellings undergoing compliance work from 6-8 percent down to 3-4 percent upon filing applications and obtaining permits

• Extends the deadline for property tax exemptions on increased assessed valuations from improvements from June 1, 2011 to June 1, 2015 for cities with applicable multiple dwelling laws

• Removes provisions allowing six-year construction periods for certain multiple dwellings commenced between 2007-2009, reverting to standard three-year construction exemption periods