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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-B36. HFA: MULTIFAMILY FINANCING AND LOAN PROGRAM |
Section 10-B3602. FUNDING OF AGENCY PROJECTS
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3602.1The undertakings of the Agency as provided in the Act or this chapter may be funded in whole or in part by the issuance of bonds, notes, or other obligations on whatever terms and conditions the Agency determines.
3602.2In addition to proceeds from bonds, notes, or other obligations issued by the Agency, the Agency may receive gifts, grants, loans, appropriations, or other funds, property or other assets, or any other type of financial assistance (including insurance and guarantees) from any federal, District, private, or other source, and may do any and all things necessary to avail itself of that aid.
3602.3Funds or other forms of assistance may be used to finance, or assist the financing of, any of the following activities:
(a)Loans to sponsors for the acquisition, equipping, construction, rehabilitation, mezzanine financing, interim financing, or permanent financing of rental Housing projects for Eligible persons;
(b)Rent subsidy programs to be utilized by Eligible persons;
(c)A loan guarantee fund to be used by the Agency to guarantee or insure loans in accordance with criteria established by the Agency;
(d)Counseling programs for low-income and moderate-income families who participate in rental projects funded by the Agency; and
(e)Any other activities permitted in the Act.
3602.4Agency funds or other forms of assistance may also be used in the furtherance of the exercise of Agency powers as contemplated in the Act with respect to any of the programs permitted in § 3602.3.
3602.5In the furtherance of the Agency's program or programs to finance housing, there may be created by resolution of the Board from time to time, reserve and other funds as may be necessary or appropriate to secure bonds, notes, and other forms of indebtedness issued by the Agency.
3602.6Funds created or set aside under § 3602.5 shall be administered as provided in applicable indentures, resolutions, or other agreements concerning security for bondholders, noteholders, or creditors holding other forms of indebtedness issued by the Agency.