Title 42, Real Property.

(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…

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…

(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…

(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…

(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…

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 …

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.