Title 42, Real Property.

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.

(a) The Mayor shall establish within the District government, or cause to be provided through one or more non-government entities pursuant to a contract or contracts with the District of Columbia, a Homeownership Counseling Program (“Program”). The Program shall provide: (1) Info…

(a) The Council of the District of Columbia hereby finds: that a decline in the number of housing units in the District of Columbia, together with the existing number of substandard dwellings, has produced a critical shortage of adequate housing for low and moderate income famili…

The following terms as used in this chapter shall have the following meanings unless a different meaning clearly appears from the context: (1) “Chapter” means this Housing Finance Agency Act. (2) “Agency” means the District of Columbia Housing Finance Agency. (3) “Board” means th…

The District of Columbia Housing Finance Agency is created as a corporate body which has a legal existence separate from the government of the District but which is an instrumentality of the government of the District created to effectuate certain public purposes.

(a) The agency shall be governed by a Board of Directors, which shall be comprised of 5 members who are residents of the District of Columbia. Two shall have experience in mortgage lending or finance, 2 shall have experience in home building, real estate, architecture, or plannin…

(a) The Board of Directors shall appoint an Executive Director who shall be an employee of the Agency, but who shall not be a member of the Board, and who shall serve at the pleasure of the Board and receive such compensation as shall be fixed by the Board. The Executive Director…

Any member, officer, or employee of the Agency who is interested either directly or indirectly, or who is an officer or employee of, or has an ownership interest in any firm or agency interested directly or indirectly in any transaction with the Agency including, but not limited …

Each member of the Board shall execute a public official bond in the penal sum of $25,000, and the Executive Director of the Agency shall execute a public official bond in the penal sum of $50,000. Each public official bond shall be conditioned upon the faithful performance of th…

The Council delegates to the Agency the authority of the Council under § 1-204.90 to issue revenue bonds, notes and other obligations to borrow money to finance or assist in the financing of undertakings authorized by this chapter. An undertaking financed or assisted by the Agenc…

(a) The Board of Directors of the Agency shall determine, by enactment of an eligibility resolution that a housing project or homeownership program contemplated to be financed through a bond issuance meets the requirements of this chapter. Subsequent to enactment of an eligibilit…

The Agency is hereby granted all powers necessary or convenient to effectuate its corporate purposes, including but not limited to, the following: (1) To have perpetual succession; (2) To sue and be sued in its own name; (3) To have an official seal and power to alter that seal a…

(a) The Agency may make, issue commitments for, participate in making loans or mortgage loans to sponsors for the financing of housing projects for eligible persons. Such housing projects shall comply with all applicable requirements regarding tenant income mixtures, tenant incom…

The Agency may invest in, purchase, make commitments to purchase, take assignments from mortgage lenders, originate, and service mortgage loans either directly or through mortgage lenders pursuant to criteria established by the Agency under a Homeownership program. Such criteria …

(a) The Agency may establish, administer or contract for the administration of any program which assists sponsors or eligible persons, “or Eligible State or Local Government Units”, as determined by the Agency consistent with the declarations of policy under § 42-2701.01 and the …

The Agency shall establish rules and regulations to effectuate the purposes of this chapter.

The Agency may provide eligible persons, sponsors or such individual, private or public corporation, association, group, organization, Eligible State or Local Government Unit, or any other entity with technical assistance, loans, grants or consultant services consistent with the …

(a)(1) The Agency shall establish a Reverse Mortgage Foreclosure Prevention Program ("program") that allows qualified homeowners to apply for and receive financial assistance for payment of past due property taxes, property insurance debts, condominium fees, and homeowner associa…

(a) Housing projects assisted by the Agency or through the auspices of the Agency under the provisions of this chapter shall be exempt from the provisions of Chapter 35 of this title. (b) The Agency shall establish, by rulemaking, procedures for evictions and protections from ret…

In connection with the exercise of its powers under this chapter, the Agency may receive gifts, grants, appropriations, loans, bond or note proceeds, or other funds, property or other assets, or any other type of financial assistance from any federal, District, private, or other …

The Agency shall not be required to repay moneys advanced by the District government (including accrued interest thereon) pursuant to Congressional appropriations for fiscal years 1980 through 1992, and any obligation to repay these moneys shall be forgiven.

The Agency may, by resolution, authorize the issuance of bonds and notes or other obligations (“bonds or notes”) for undertakings authorized by this chapter. In addition, the Agency may issue notes to renew notes and bonds to pay notes, including, the interest thereon. Whenever e…

The Agency may stipulate by resolution the terms for sale of its bonds and notes in accordance with this chapter, including the following: (1) The date a bond or note bears; (2) The date a bond or note matures; provided, that notes shall not mature later than 10 years from the da…

The Agency may secure bonds, notes, or other obligations by a trust indenture between the Agency and a corporate trustee which has the authority to exercise corporate trust powers within the District. A trust indenture of the Agency may contain provisions for protecting and enfor…

Subject to pre-existing agreements with the holders of bonds, notes, or other obligations, the Agency may purchase its own bonds, notes, or other obligations which may then be cancelled upon such terms and conditions as established by the Agency. (1) If the bonds, notes, or other…

The Agency may establish special or reserve funds in furtherance of its authority under this chapter. Notwithstanding other provisions of District law and subject to agreements with holders of bonds and notes, the Agency shall manage its own funds, and may invest funds not requir…

The District pledges to the holders of any bonds or notes issued under this chapter that the District will not limit or alter rights vested in the Agency to fulfill agreements made with the holders thereof, or in any way impair the rights and remedies of such holders until the bo…

Bonds, notes, and other obligations issued under the provisions of this chapter do not constitute an obligation of the District, but are payable solely from the revenues or assets of the Agency. Each bond, note, or other obligation issued under this chapter must contain on its fa…

The bonds and notes of the Agency are legal investments in which public officers and public bodies of the District, insurance companies and associations and other persons carrying on an insurance business, banks, bankers, banking institutions including savings and loan associatio…

(a) Assets and income of the Agency or of any entity established by the Agency pursuant to § 42-2703.01(20C) are exempt from District taxation. The Agency may make, at its discretion, payment in lieu of taxation. (b) Bonds and notes issued by the Agency and the interest thereon a…

(a) All monies of the Agency, except as otherwise authorized in this chapter, shall be deposited as soon as practicable in 1 or more separate accounts in financial institutions regulated or insured by a federal or District agency. Monies in these accounts shall be paid out on che…

(a) For the purposes of this section, the term “agency funds” means all monies managed and all funds established pursuant to §§ 42-2704.06 and 42-2704.11. (b)(1) Agency funds invested in stocks, securities, or other obligations of any institution or company doing business in or w…

Except as provided in subsection (e) of § 42-2704.02, all actions of the Agency shall be conducted in accordance with the District of Columbia Administrative Procedure Act (§ 2-501 et seq.).

The Agency, from time to time, may establish advisory committees or groups to advise the Agency with respect to matters the Agency shall designate and may appoint persons to serve on such advisory committees or groups as the Agency may deem necessary consistent with the provision…

The Agency shall, within 90 days of the end of each fiscal year, submit an annual report of its activities for the preceding year to the Mayor, the Council, and the Advisory Board. The report shall set forth a complete operating financial statement of the Agency during the fiscal…

The Agency shall contract at least once each year with an independent certified public accountant to audit the books and accounts of the Agency. The Agency shall transmit the audit to the Mayor and Council within 10 days of receipt.

The provisions of this chapter are to be liberally construed so as to effectuate those powers which are specifically enumerated.

If any section, subsection, subdivision, paragraph, sentence, clause, or provision of this chapter shall be unconstitutional or ineffective, in whole or in part, to the extent that it is not unconstitutional or ineffective it shall be valid and effective, and no other section, su…

All of the authority of the District government to issue qualified mortgage bonds in each calendar year under the Mortgage Subsidy Bond Tax Act of 1980 (26 U.S.C. § 1100 et seq.) as it may be amended from time to time with respect to the District is allocated to the Agency.

If the Agency is dissolved by repeal of this chapter, or ceases to exist for any other reason, all of its assets (including, but not limited to, cash, accounts receivable, reserve funds, real or personal property, and contract and other rights) shall automatically be assigned to …

Each law or act of the District identified in this chapter shall include any and all amendments thereto made from time to time, and shall include any and all superseding laws and acts, unless the superseding law or act expressly provides otherwise.