(a) A nonprofit community land trust shall be formed pursuant to the Plan recommendation.
(b) The Office of the Deputy Mayor for Planning and Economic Development shall issue a request for proposal inviting organizations which are tax-exempt pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, approved August 6, 1954 (68A Stat. 163; 26 U.S.C. § 501(c)(3)), to submit proposals for development and administration of the nonprofit community land trust consistent with this part and rules promulgated pursuant to this part.
(c) The land trust shall develop a pilot program to develop 1,000 units of workforce housing within 3 years of March 14, 2007.
(1) The land trust shall develop units affordable to households not to exceed 120% of AMI.
(2) The land trust’s portfolio shall have an average not to exceed 80% of AMI.
(3) The 80% portfolio average requirement shall be evaluated for compliance on an annual basis, beginning 12 months after March 14, 2007.
(e) The land trust shall offer the qualified housing units for sale to prospective buyers pursuant to procedures developed by the land trust and based upon the following priority list in the following order:
(1) Employees of the District of Columbia and its instrumentalities;
(2) District residents who are first-time homebuyers;
(3) Other District residents; and
(4) The general public.
(1) The Mayor may take any action reasonably necessary or appropriate in accordance with this part in connection with the preparation, execution, and issuance of a trust instrument to be entered into by the District and a trustee to be selected by the Mayor pursuant to the process as established in subsection (a) of this section.
(2) The trust instrument shall govern the expenditure of funds authorized under this part and shall set forth the terms and conditions precedent to such expenditure, including evidence of firm funding commitments of private equity and debt.
(1) The Office of the Deputy Mayor for Planning and Economic Development shall aggressively market the pilot program to employees of the District government and shall be responsible for:
(A) Maintaining a wait list of prospective District employee and District instrumentality employee buyers of workforce housing units being developed with District government funds, or on District government land;
(B) Providing the Council with quarterly reports that detail:
(i) The number of people on the wait list by household income and whether a person is employed at a district government department, independent agency, or instrumentality; and
(ii) The location, price, and expected delivery date of workforce housing units currently being developed with District government funds or on District land; and
(C) Notifying persons on the wait list of when units are available for purchase or rent.
(2) The wait list may include non-District government employees; and
(3) The Mayor may utilize his discretion in the prioritization of persons on the wait list.
(g-1) The Deputy Mayor for Planning and Economic Development shall conduct a survey of employees of the District government and its instrumentalities to assess the demand for workforce housing, rental and ownership, in the District of Columbia among these employees. The Deputy Mayor for Planning and Economic Development shall submit the results of the survey to the Council no later than December 31, 2007.
(h) The Mayor, pursuant to subchapter I of Chapter 5 of Title 2 , may issue rules to implement the provisions of this part.
(i) Within 60 days after the close of each fiscal year, as established by the land trust, the land trust shall submit a report to the Mayor and the Council on the status of the workforce housing pilot program and the Housing Production Trust Fund, established pursuant to § 42-2802 . At the conclusion of the pilot program, or within 3 years after March 14, 2007, whichever is sooner, the Mayor shall submit a final report of the pilot program, which report shall include recommendations for a permanent workforce housing program.
(j) For the purposes of this section, the term “household” means all the persons who occupy a housing unit, whose occupants may be a single family, one person living alone, 2 or more families living together, or any other group of related or unrelated persons who share living arrangements.
(1) The land trust shall require that all units developed under the program remain perpetually affordable.
(2) To guarantee permanent affordability, the land trust may:
(A) Utilize the long-term affordability approach outlined in the Plan,
(B) Base future price increases and return to sellers on an annual inflator index; or
(C) Any other method designed to assure permanent affordability consistent with this part.
(3) District funds provided to the land trust shall be redistributed as loans payable to the land trust in a manner determined by the land trust.
(l) Funds authorized for fiscal year 2007 shall be committed prior to October 1, 2007.
(m) Notwithstanding any other provision of law, City First Bank is authorized to release up to $1,800,000 located in an escrow account for City First Enterprises (“CFE”) to CFE.
(1) Within 30 days of September 20, 2012, the land trust shall submit a report to the Mayor and to the Council detailing:
(A) The number of units that will be developed using the funds released from escrow pursuant to this subsection;
(B) The total number of units that will be developed, using funds received by CFE pursuant to this subsection and subsection (c) of this section, and the total cost per unit; and
(C) Continued compliance with subsection (d) of this section.
(2) The land trust shall utilize all the funds released from escrow pursuant to this subsection within 18 months of September 20, 2012.
(3) By November 29, 2012, the land trust shall submit a report to the Mayor and the Council on the status of the funds released from escrow pursuant to this subsection and the number of units that have been developed to date.
(4) After CFE fully expends the funds released from escrow pursuant to this subsection, or within one year after September 20, 2012, whichever is earlier, the Mayor shall submit a final report to the Council that shall include recommendations for a permanent workforce housing program.
(5) Within 60 days of CFE expending the funds released from escrow pursuant to this subsection, the land trust shall file annual reports detailing continued compliance with subsection (d) of this section.