(a)The Mayor shall review and revise the repayment structure of the Home Purchase Assistance Program ("Program"), established by Chapter 25 of Title 14 of the District of Columbia Municipal Regulations, to include greater flexibility in the Program by supplementing the Program with additional repayment options for the lowest income loan recipients.
(1)Examples of additional repayment options include:
(A)A graduated repayment system;
(B)The postponement of the repayment of individual loans until the sale of a home; and
(C)An exploration of the establishment of an incentive program to forgive a portion of the loan if cash refinancing is carried out within a certain timeframe.
(2)The maximum amount of financial assistance for very low income applicants available und
Free access — add to your briefcase to read the full text and ask questions with AI
(a) The Mayor shall review and revise the repayment structure of the Home Purchase Assistance Program ("Program"), established by Chapter 25 of Title 14 of the District of Columbia Municipal Regulations, to include greater flexibility in the Program by supplementing the Program with additional repayment options for the lowest income loan recipients.
(1) Examples of additional repayment options include:
(A) A graduated repayment system;
(B) The postponement of the repayment of individual loans until the sale of a home; and
(C) An exploration of the establishment of an incentive program to forgive a portion of the loan if cash refinancing is carried out within a certain timeframe.
(2) The maximum amount of financial assistance for very low income applicants available under the Program shall be $202,000, and shall be adjusted based on the applicant's income according to 14 DCMR § 2503.1(b)(1); provided, that no qualifying applicant shall be approved to receive less than $70,000. For purposes of this paragraph, the term "very low income" shall have the same meaning as set forth in 14 DCMR § 2599.1.
(b) The Mayor shall submit the revised repayment system to the Council for review, pursuant to § 42-2604(a) , within 60 days after July 1, 2016.
(1) Financial assistance provided pursuant to subsection (a)(2) of this section may be used for purposes of a mortgage rate buydown if an applicant meets other Program criteria, regardless of whether the qualifying applicant is required to provide a down payment on the home the applicant intends to purchase.
(2) If there are no closing costs associated with the purchase of the home the applicant intends to purchase, a qualifying applicant shall receive the full amount of Program funding available to the applicant, inclusive of any funding initially set aside for closing costs, which may be used for purposes of a down payment or a mortgage rate buydown.
(1) No later than April 1, 2023, the Mayor shall establish a grant program that provides qualifying applicants up to $25,000 for repairs on a home purchased with Program financial assistance that are identified by a certified home inspector in writing.
(2) Grant funds disbursed to a qualifying applicant pursuant to the program established by paragraph (1) of this subsection shall be in addition to financial assistance provided to a qualifying applicant for purposes of a down payment or mortgage rate buydown on the home the applicant intends to purchase.
(3) The Mayor shall include details about the grant program in communications to a qualifying applicant at the time the Mayor confirms that the qualifying applicant is approved for the Program.
(A) At the beginning of each quarter in a fiscal year, funds necessary to administer the Program and provide financial assistance to qualifying applicants shall be disbursed to a grantee who has an agreement or contract with the District to administer the Program.
(B) Repealed.
(C) The amount of funds disbursed to a grantee shall be determined by the Mayor.
(D) By September 15, 2024, DHCD shall submit to the Council a plan to create a centralized portal for Program document collection and approval that is accessible to Program stakeholders, including grantees, qualifying applicants and their representatives, and sellers and their representatives.
(A) Within 15 days of a settlement on a loan for a qualifying applicant, a grantee shall submit any information and documentation considered necessary by the Mayor to verify compliance with Program requirements and any other applicable laws or regulations.
(B) The Mayor may determine corrective actions or penalties for non-compliance.
(3) This subsection shall not apply to any District agencies providing financial assistance to qualifying applicants directly.
(1) The Mayor, pursuant to subchapter I of Chapter 5 of Title 2 , shall issue rules as necessary to implement the provisions of this section.
(2) Proposed rules promulgated pursuant to paragraph (1) of this subsection shall be submitted to the Council for a 45-day period of review, excluding Saturdays, Sundays, legal holidays, and days of Council recess. If the Council does not approve or disapprove the proposed rules, in whole or in part, by resolution within this 45-day period, the proposed rules shall be deemed to be approved.
(g) Repealed.