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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-B38. HFA: SINGLE FAMILY MORTGAGE PROGRAM |
Section 10-B3800. GENERAL PROVISIONS
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3800.1The provisions of this chapter shall establish the procedures for the administration of the Program.
3800.2In order to generate funds from private and public sources to increase the supply and lower the cost of funds available for residential Mortgages and thereby help alleviate the critical shortage of adequate affordable housing for Low-income and Moderate-income persons in the District, the Agency is authorized under § 303 of the Act (D.C. Official Code § 42-2703.03) to invest in, purchase, make commitments to purchase, and take assignments from Approved Mortgage Lenders of Mortgage loans made to Low and Moderate-income persons for the financing of eligible residential housing that meets the requirements established by the Act and the Agency.
3800.3The Agency shall be empowered to make or originate the following:
(a) Loans to sponsors for the acquisition, equipping, construction, rehabilitation, or permanent Mortgage financing of home ownership housing projects for Eligible persons;
(b) Loans through Approved Mortgage Lenders for the purchase of owner occupied residential housing by Eligible persons;
(c) Funds available for home ownership Mortgage interest subsidy to be utilized by Eligible persons;
(d) Loans to Eligible persons for the rehabilitation of residential housing;
(e) Funds available to assist eligible prospective home purchasers to meet down payment requirements in order to obtain Mortgage financing;
(f) Funds available in a Mortgage loan guarantee fund to be used by the Agency to guarantee or insure Mortgage loans in accordance with criteria established by the Agency;
(g) Counseling programs available to Low-income and Moderate-income families; and
(h) Loans for the prevention of foreclosures.
3800.4The purchase of Mortgage loans shall be on whatever terms and conditions that the Agency determines to be appropriate in the circumstances.
3800.5Terms and conditions shall be established in the Agency's Program documents.
3800.6The Agency shall fund the purchase or origination of Mortgage loans or Mortgaged-backed securities with the proceeds of its Bonds or other available money.
3800.7The Agency's obligation to purchase or originate Mortgage loans or Mortgaged backed securities shall be contingent on its ability to issue Bonds or acquire funds at a rate and upon other conditions acceptable to the Agency.