Distressed property improvement plan

(a) Upon petition by the housing provider, the Mayor may initiate the development of a distressed property improvement plan utilizing any or all of the mechanisms in § 42-3508.04(b). The development of the plan shall involve the participation of the housing provider, the tenants or tenants’ association and may include the mortgagor. (b) A distressed property improvement plan may include, but not be limited to: (1) A schedule of repairs and capital improvements; (2) A schedule of services and facilities; (3) A schedule of rents and rent increases; (4) A schedule of mortgage payments which may reflect additional long-term loans to the housing provider for the housing accommodation; (5) A schedule of additional capital investment in the housing accommodation by the housing provider; and (6) A schedule of property tax payments, which may also reflect moratoria or deferrals on property tax payments and the abatement or deferral of up to 100% of any tax outstanding on the housing accommodation. (c) In the development of the distressed property improvement plan, the Mayor may consider: (1) The interests of tenants in achieving decent, safe, and sanitary housing at affordable rents; (2) The long-term interest of the housing provider in achieving a sound investment and a reasonable return on the housing provider’s investment; (3) The long-term interest of the mortgagor in achieving a financially secure mortgage; and (4) The long-term interest of the District in achieving a decent, safe, and sanitary housing accommodation which is fiscally sound and which generates and pays its fair property tax assessment.