Section 10-B3616. REGULATION OF HOUSING SPONSORS

 

3616.1It shall be the policy of the Agency to ensure the operational stability of Housing projects to the greatest extent possible. To that end, the Agency's processing procedures, instructions, and guidelines may require the submission of any organizational documents necessary to determine the qualification of the applicant as a housing sponsor and desirable recipient of Agency financing.

 

3616.2As a condition precedent to the closing of an Agency loan, the sponsor may be required to execute a regulatory agreement with the Agency and any other related documents that the Executive Director (or designee(s) of the Board) determines to be necessary or appropriate.

 

3616.3The regulatory agreement or other documents related to the financing of the proposed housing project shall authorize the Agency to regulate any aspects of the development of the proposed housing project that the Executive Director (or designee(s) of the Board) determines to be necessary or appropriate to protect the interests of the Agency and permit fulfillment of the Agency's duties and responsibilities under the Act, particularly, §§ 302(b)(1)(B) and 306(b)(1), (2), and (3) of the Act (D.C. Official Code § 42.2703.02 and § 42.2703.06).

 

 

authority

Section 306 of the District of Columbia Housing Finance Agency Act of 1979, effective March 3, 1979, (D.C. Law 2-135; D.C. Official Code § 42-2703.06 (2012 Repl.)) (Act), and 10-B DCMR § 3508.1.

source

Final Rulemaking published at 28 DCR 4544, 4560 (October 23, 1981); as amended by Final Rulemaking published at 61 DCR 4156 (April 25, 2014).