Examples of Substantial rehabilitation in a sentence
Substantial rehabilitation is work on existing buildings(s) including any additions for which the Aggregate Cost of construction (the Aggregate Cost) exceeds the Aggregate Cost Limit amount defined as follows: Aggregate Cost means the total costs of all the proposed construction work at the property, including General Contractor fees and Project Architect fees.
Substantial rehabilitation of an existing property involves significant work and describes construction activities that exceed the Aggregate Cost limit defined in this Chapter.
Cosmetic improvements alone do not qualify as substantial rehabilitation under this definition.(b) Substantial rehabilitation may also include renovation, alteration or remodeling for the conversion or adap- tation of structurally sound property to the design and condition required for use under this part or the repair or replacement of major building systems or components in danger of failure.
The re- placement cost may include the land, the physical improvements, utilities within the boundaries of the land, ar- chitect’s fees, miscellaneous charges incident to construction as approved by the Assistant Secretary.(b) Substantial rehabilitation.
Substantial rehabilitation for commercial property means rehabilitation costs must equal at least $50,000 or 50 percent of the assessed value of the property, prior to rehabilitation, excluding the land, whichever is less.