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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 10. PLANNING AND DEVELOPMENT |
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SubTilte 10-B. PLANNING AND DEVELOPMENT |
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Chapter 10-B35. HOUSING FINANCE AGENCY |
Section 10-B3599. DEFINITIONS
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3599.1When used in Chapters 35, 36 and 38 of this title, the following words and phrases shall have the meaning ascribed:
Act - the District of Columbia Housing Finance Agency Act, effective March 3, 1979, as amended (D.C. Law 2-135; D.C. Official Code §§ 42-2701.01 et seq.).
Agency Housing Program - a program for financing or assisting housing that has been formally adopted by the Agency.
Annual income - the anticipated total annual income of eligible persons from all sources for the twelve (12) month period following the date of determination of income. All payments from all sources received by the family head (even if temporarily absent) and each additional member of the household who is not a minor shall be included in the annual income.
Applicant - a corporation, partnership, limited partnership, joint venture, trust, firm, association, sponsor, individual, family, public body, or other legal entity or any combination of these applicants, applying to receive Agency monies, assistance, or services under the Act.
Application - a request for Agency assistance under the Act made on forms furnished by the Agency and containing information required by the Executive Director.
Construction loan - a short term advance of monies authorized for the purpose of constructing or rehabilitating residential housing or housing projects, and which is secured or is to be secured as provided in the Act and in Chapters 35, 36, and 38.
Eligible persons - individuals and families who qualify for housing under a given program according to the requirements of the program as established by the Agency.
Executive Director - the person and his or her designee, employed by the Agency Board who is the chief executive officer of the Agency and who serves as Secretary to the Board.
Feasible housing project - a proposed housing project where the Agency has made a determination that the project can reasonably be expected to be operated in a fiscally sound manner in conformance with the housing goals and policies of the Agency and the requirements of the Act.
Housing project - one (1) or more housing units located in the District assisted by the Agency under the provisions of this act including, but not limited to, units acquired, financed, refinanced, constructed, rehabilitated or converted to a condominium or a cooperative with the assistance of the Agency. A Housing project may incorporate ancillary facilities which may include:
(a) Necessary or desirable appurtenances to residential housing such as, but not limited to, streets, sewers, utilities, parks, and stores, as the Agency determines to be appropriate;
(b) Community facilities including, but not limited to, health, welfare, recreational, and educational facilities that the Agency determines to be appropriate; and
(c) Ancillary commercial facilities which the Agency determines to be appropriate; Provided, that the primary use (consistent with the I.R.S. regulations concerning tax exempt financing) of the project shall be for residential housing.
Housing unit - living accommodations within a housing project that are intended for occupancy by eligible persons.
Low-income persons - eligible persons whose annual income as determined by the Agency does not exceed the low-income limits established by resolution of the Agency, from time to time, in accordance with § 102(1) of the Act (D.C. Official Code § 42.2702.12).
Moderate-income persons - persons and families whose annual income as determined by the Agency does not exceed the moderate-income limits established by resolution of the Agency, from time to time, in accordance with § 102(m) of the Act (D.C. Official Code § 42.2702.13).
Mortgage finance rate reduction - the differential between prevailing mortgage interest rates and a lower rate which is paid by a sponsor of a project for which financing has been made available, directly by the Agency or through a mortgage lender, from the proceeds of bonds issued by the Agency.
Permanent mortgage loan - a mortgage loan that is authorized by resolution of the Agency, or by a mortgage loan commitment issued on behalf of the Agency, and which is made available to a sponsor or eligible person from the proceeds of the sale of the Agency's bonds or any other funds available to the Agency for the purpose of providing long-term financing to develop or purchase housing projects or housing units, the repayment of which is secured or is to be secured as provided in the Act and in this chapter.