District of Columbia § 42-2623 Eligibility.

District of Columbia Statutes

§ 42-2623 — Eligibility.

District of Columbia·Title 42 Real Property.·Ch. 26 Home Purchase Assistance Fund.·Subch. II Step Up Program.

(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 residence;

(3)Has a satisfactory credit rating as shall be defined by rules deemed necessary to carry out the purposes of this subchapter;

(4)Has adequate income to qualify for a mortgage from a private lender;

(5)Has sold or otherwise disposed of all interests in any other real property before the closing of any loan under this subchapter;

(6)Has insufficient assets to pay the down payment or reasonable closing costs, or both, without assistance from this program;

(7)Would have liquid assets n

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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 residence;

(3) Has a satisfactory credit rating as shall be defined by rules deemed necessary to carry out the purposes of this subchapter;

(4) Has adequate income to qualify for a mortgage from a private lender;

(5) Has sold or otherwise disposed of all interests in any other real property before the closing of any loan under this subchapter;

(6) Has insufficient assets to pay the down payment or reasonable closing costs, or both, without assistance from this program;

(7) Would have liquid assets not exceeding the limit established by the Mayor by rulemaking, after purchasing property under this subchapter or through this program; and

(8) Meets qualifying income levels as provided by regulation.

(b) Property shall be eligible for the Home Purchase Assistance Step Up Program if the property:

(1) Is an existing single family residence in the District of Columbia;

(2) Meets the requirements of the Construction Codes promulgated pursuant to the Construction Codes Approval and Amendments Act of 1980, effective February 2, 1987 ( D.C. Law 6-216 ; 12 DCMR) and the Housing Regulations of the District of Columbia, effective August 11, 1955 (C.O. 55-1503; 14 DCMR Chapters 1-14); and

(3) Has a purchase price that neither exceeds the maximum price requirement established by rulemaking nor the appraised value of the property.

District of Columbia § 42-2623 (Eligibility.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.