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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-B39. TAX ABATEMENT AND INCENTIVES PROGRAM FOR NEW AND VACANT REHABILITATED RENTAL HOUSING |
Section 10-B3905. ANNUAL FORGIVENESS AND DEFERRAL CEILINGS
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3905.1Each fiscal year, the following persons shall make recommendations to the Mayor:
(a)The Director of the Department of Consumer and Regulatory Affairs shall recommend amounts of revenue to be forgiven and deferred related to special assessments under D.C. Code §5-513 (1981);
(b)The Director of the Department of Finance and Revenue shall recommend amounts of revenue to be forgiven and deferred related to real property taxes;
(c)The Director of the Department of Public Works shall recommend amounts of revenue to be forgiven and deferred related to water and sewer fees; and
(d)The Director of the Department of Housing and Community Development shall recommend overall amounts of revenue to be forgiven and deferred related to meeting the purposes and objectives of this program.
3905.2After reviewing the recommendations, the Mayor shall make a determination of the amounts of revenue to be forgiven and deferred, and shall include such amounts in the appropriate sections of the District's annual budget.
3905.3The amounts determined each fiscal year through the budget process shall be the maximum amounts of indebtedness to be forgiven or deferred during any given fiscal year for projects certified by DHCD as eligible for forgiveness or deferral. The amounts determined shall be known as the "annual debt deferral ceiling" and the "annual debt forgiveness ceiling."
3905.4Projects meeting the criteria for forgiveness or deferral in §3904 of this chapter shall be certified by DHCD as eligible for forgiveness or deferral, up to the annual debt forgiveness ceiling or the annual debt deferral ceiling.
3905.5Eligible projects which would bring the total debt forgiven or deferred for that fiscal year above the annual debt forgiveness ceiling or the annual debt deferral ceiling, shall be issued a preliminary certificate of forgiveness or deferral by DHCD.
3905.6All applicants of projects with preliminary certificates of forgiveness or deferral which are submitted with a new request for forgiveness or deferral within the first thirty (30) calendar days of the next fiscal year following issuance shall receive priority consideration. If DHCD review indicates these projects are still eligible, they shall receive the first allocations of forgiveness and deferral of indebtedness available in the new fiscal year, with priority given in chronological order, based on the date of issuance of their preliminary certificate of forgiveness or deferral.
3905.7Projects with preliminary certificates submitted after the first thirty (30) calendar days of a new fiscal year shall be treated on the same basis as other projects submitted that fiscal year.