Title 42 — Real Property.
57 chapters · 1,018 sections in this title.
D.C. Code § 42-2601 Establishment; purpose; unexpended balance
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There is hereby established in the District of Columbia and there is authorized, and accounted for in the General Fund as a separate revenue source allocable to provide financial assistance to low and moderate income persons, and District of Columbia Government employees particip…
D.C. Code § 42-2602 Deposits to credit of Fund
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There shall be deposited to the credit of the Fund such amounts as may be appropriated pursuant to this subchapter; grants and gifts from public and private sources to the Fund or to the District of Columbia for the purposes of the Fund; repayments of principal and any interest o…
D.C. Code § 42-2603 Availability; use prescribed by Mayor
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The Fund shall be available without fiscal year limitation for the purpose of providing financial assistance for down payments or interim financing to recipients for the purpose of purchasing or securing housing, including single family homes, condominium units, or occupancy righ…
D.C. Code § 42-2604 Promulgation of rules and regulations by Mayor; review by Council; contents of loan agreements
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(a) The Mayor is authorized to promulgate rules and regulations to govern the operation of the Fund, including but not limited to, rules and regulations establishing standards for determining the eligibility and selection of applicants; procedures for applying for assistance and …
D.C. Code § 42-2605 Annual audit; report to Congress and Council; appropriations
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(a) An annual audit of the operations of the Fund shall be conducted by the Office of the Inspector General of the District of Columbia. (b) Not later than 6 months after the end of each fiscal year, the Mayor shall submit to the Congress of the United States and to the Council o…
D.C. Code § 42-2621 Definitions
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For the purpose of this subchapter, the term: (1) “Closing Costs” means expenses in addition to the purchase price of the property which must be paid by the purchaser or deducted from the proceeds of the sale to the seller at time of closing. (2) “Department” means the Department…
D.C. Code § 42-2622 Establishment; funding; annual audit
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(a) There is established in the Department of Housing and Community Development, a Home Purchase Assistance Step Up Program to provide one-time housing assistance to residents of the District of Columbia in low- to moderate-income households, who own condominiums, cooperatives, o…
D.C. Code § 42-2623 Eligibility
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(a) An applicant shall be eligible for the Home Purchase Assistance Step Up Program if the applicant: (1) Is a District of Columbia resident; (2) Is the head of the household and will occupy the property to be purchased with assistance from the program as his or her primary resid…
D.C. Code § 42-2624 Assistance
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(a) Assistance available pursuant to this subchapter is limited to a one-time loan of up to $15,000 with a maximum 20-year amortized term. (b) The interest rate shall be 3%, unless otherwise provided by the Mayor by rulemaking. (c) The Mayor shall establish underwriting guideline…
D.C. Code § 42-2625 Rulemaking
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The Mayor is authorized to promulgate rules to govern the operation of the Fund, including but not limited to, rules establishing eligibility requirements for applicants and homes and for establishing operating procedures for the program. The proposed rules shall be submitted to …
D.C. Code § 42-2626 Applicability
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The provisions of this subchapter shall apply to the purchase of a single family home for which an earnest money contract is dated after April 1, 1999.