D.C. Mun. Regs. tit. 14, r. 14-2700

Current through Register Vol. 71, No. 50, December 13, 2024

Rule 14-2700 - GENERAL PROVISIONS

2700.1

The purpose of the First Right Purchase Assistance Program (also referred to in this chapter as the "Program") shall be to increase the homeownership opportunities available to low-income and moderate-income District residents threatened with displacement by providing financial assistance to enable tenants to exercise their right to purchase their housing accommodations pursuant to D.C. Law 3-86, the "Rental Housing Conversion and Sale Act of 1980," D.C. Official Code §§ 42-3401.01 et seq. (2001).

2700.2

The objective of the Program shall be to provide affordable financing in the form of interest-bearing and non-interest-bearing loans, and loan guarantees, to assist the following:

(a) Individual households with the financing of pre-purchase and down payment costs for single family, cooperative, and condominium housing; and

(b) Tenant associations with the financing of the development costs (acquisition, rehabilitation, and marketing) associated with the conversion of multi-unit rental housing to cooperatives and condominiums.

2700.3

The Director of the Department of Housing and Community Development (also referred to in this chapter as the "Department" or "DHCD") may waive, in writing, the provisions of § 2702.2, § 2703.2 through § 2703.5, and § 2706.5 of this chapter within the limits of applicable federal and District of Columbia laws and regulations.

2700.4

Individual households applying for First Right Purchase Assistance shall comply with the rules of the D.C. Home Purchase Assistance Program, except that the definition of household set forth in § 2799 shall apply.

D.C. Mun. Regs. tit. 14, r. 14-2700

Notice of Final Rulemaking published at 28 DCR 903, 905, 909 (February 27, 1981); as amended by Notice of Final Rulemaking published at 30 DCR 811 (February 13, 1983)

AUTHORITY: Unless otherwise noted, the authority for this chapter is subsection 5(d) of the District of Columbia Community Development Act of 1975, D.C. Law 1-39, 22 DCR 3436 (January 5, 1976) (codified at D.C. Official Code § 6-1004(d) (2001) and Mayor's Order 76-111, dated May 3, 1976, published at 22 DCR 6367 (May 14, 1976).