D.C. Mun. Regs. tit. 14, r. 14-2704

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

Rule 14-2704 - USE OF PROCEEDS

2704.1

First Right Purchase Assistance shall be provided for the following:

(a) Pre-purchase costs of individual households and tenant associations limited to the following:

(1) Earnest money deposits; and

(2) Purchase options.

(b) Down payment costs of individual households to purchase either a single-family dwelling or a unit in a multi-family dwelling;

(c) Loan guarantees to private lenders providing interim financing to a tenant association for property acquisition and/or rehabilitation costs; and

(d) Interim deferred payment loans to tenant associations for costs related to the cooperative conversion, including the following:

(1) Property acquisition;

(2) Property rehabilitation;

(3) Marketing of vacant units;

(4) Relocation and housing assistance payments to eligible tenant households;

(5) Interest payments on loans from private lenders;

(6) Property development costs; and/or

(7) Interim operating deficit costs.

D.C. Mun. Regs. tit. 14, r. 14-2704

Notice of Final Rulemaking published at 28 DCR 903, 907 (February 27, 1981); as amended by Notice of Final Rulemaking published at 30 DCR 811, 813-814 (February 13, 1983)