District of Columbia Statutes
§ 42-2505 — Deferred payment loan.
District of Columbia·Title 42 Real Property.·Ch. 25 District Government Employee Housing Assistance.·Subch. I Government Employer-Assisted Housing Program.
(a)In addition to the assistance provided in § 42-2504(b) or (b-1) and § 42-2505.01 , the Department shall make available to each Participant a deferred loan of up to $20,000 to provide financial assistance for the purchase of a housing unit. The deferred payment loan shall be available only if the housing unit shall be the principal residence of the Participant.
(b)Payment of the principal may be deferred until the property is sold, transferred, or ceases to be the principal residence of the Participant.
(c)Deferred payment loans may be secured by a second deed of trust on the subject property.
(d)The deferred payment loan may be used in conjunction with the Home Purchase Assistance Program established by Chapter 26 of this title .
(e)The Department may charge interest on the loa
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Legislative History
May 9, 2000, D.C. Law 13-96, § 6, 47 DCR 1081; Mar. 2, 2007, D.C. Law 16-192, § 2012(a), 53 DCR 6899
Nearby Sections
15
§ 42-1001
“Power” defined.§ 42-1002
General power.§ 42-1003
Special power.§ 42-1004
Beneficial power.§ 42-1009
Right of grantor to reserve power.§ 42-1011
General powers in trust.§ 42-1012
Special powers in trust.