Section 4.12 Banking

(Amended May 6, 1986; August 29, 1989; June 18, 1991; September 21, 1999)

            (a) A landlord who refrains from imposing an annual rent increase, or any portion thereof, may accumulate said increase and impose that amount on or after the tenant's subsequent rent increase anniversary date; however, the rent may be increased only one time every twelve (12) months. This banked amount may only be given at the time of an annual increase. Only those increases which could have been imposed on, or subsequent to, April 1, 1982, may be accumulated. A full 12 months must have elapsed from the date that an annual rent increase, or a portion thereof, could have been imposed before this banking section becomes applicable. Banked increases shall not be compounded and shall not be rounded up; provided, however, that in the event that a banked rent increase exceeds limitations by no more than one-half  of one percent of the prior base rent and such increase was given in a good faith effort to comply with the Ordinance and Regulations, Administrative Law Judge shall readjust the base rent to reflect the proper banked amounts.

            (b) In order to impose an accumulated rent increase the landlord shall:  (1) inform the tenant, on or before the date upon which the landlord gives the tenant legal notice, which portion of the rent increase reflects banked amount, and (2) the dates upon which said banked amount is based; provided, however, that failure to include such information shall not render the increase null and void.