Section 10-B4101. ORGANIZATION OF THE DHCD HOUSING PRODUCTION TRUST FUND

 

4101.1DHCD shall organize and administer the Fund to facilitate creation of affordable housing and related activities for the citizens of the District of Columbia through the provision of financial assistance to eligible non-profit and for-profit developers.

 

4101.2The Fund shall be a permanent proprietary revolving fund of identified, renewable, and segregated capital.

 

4101.3DHCD may, subject to the provisions of the District of Columbia Depository Act, designate financial institutions described in §4105.2(a) and located in the District of Columbia as depositories for the Fund and deposit all or a portion of the monies held by the Fund in the designated depositories.

 

4101.4When selecting the financial institutions to serve as depositories for the Fund, DHCD shall give priority to financial institutions described in §4105.2(a) with the following characteristics:

 

(a)Demonstrated commitment to and expertise in community development lending;

 

(b)Ability and written commitment to provide investments of equity capital to Fund-assisted projects either directly or through a Bank Community Development Corporation (Bank CDC), or similar subsidiary entity;

 

(c)Demonstrated commitment to organize and capitalize a Bank CDC or increase the capitalization of an existing Bank CDC in amounts related to Fund deposits; and

 

(d)The ability and commitment to satisfy other criteria which DHCD may reasonably establish and make known to potential depositories.

 

4101.5There shall be deposited in the Fund the following:

 

(a)Fee option contributions made by commercial developers pursuant to any commercial linked development program established by the Council and codified by D.C. Statute;

 

(b)Community Development Program contributions made pursuant to the District of Columbia Regional Interstate Banking Act of 1985 Amendment Act of 1985, effective April 1986, D.C. Law 6-107; D.C. Code §§26-801 et seq.), as determined by the Superintendent of Banking and Financial Institutions in consultation with DHCD;

 

(c)Appropriated amounts;

 

(c1)Amounts to be deposited in the Fund pursuant to Section 501(b)(3) of the Housing Act of 2002 (D.C. Law 14-114), as amended by Section 1302 of the Fiscal Year 2003 Budget Support Act of 2002.

 

(d)Grants, fees, donations, gifts, investments or other deposits from public and private sources;

 

(e)Repayments of principal and interest on loans provided from the Fund, including repayments of principal and interest on loans authorized by the Homestead Housing Preservation Act of 1986, effective August 9, 1986 (D.C. Law 6-135; D.C. Official Code § 42-2101 et seq.);

 

(f)Proceeds realized from the liquidation of security interests held by the District under the terms of assistance provided from the Fund, including liquidation of security interests held by the District under the terms of assistance provide from the Fund through the Homestead Housing Preservation Program Act of 1986, effective August 9, 1986 (D.C. Law 6-135; D.C. Official Code § 42-2101 et seq.);

 

(g)Interest earned from the deposit or investment of monies from the Fund;

 

(h)All revenues, receipts, and fees of whatever source derived from the operation of the Fund;

 

(i)Lease payments received under the Land Acquisition for Housing Development Opportunities Program;

 

(j)Any fee or portion of an application fee that the Zoning Commission, by rule, may require an applicant for a Planned Unit Development to pay when the applicant proposes a housing production option or fee option in connection with a Planned Unit Development application, to the extent that the Zoning Commission designates that the fee or portion of that fee shall be allocable to the Fund;

 

(k)Available Community Development Block Grants; and

 

(l)Any other funds as may be designated for this purpose by Council action.

 

4101.6The Fund shall be organized into a Housing Production Component and a Special Financial Products Component.

 

4101.7The Housing Production Component shall provide loans and grants for the production of housing for target populations on a continuing basis as authorized by D.C. Law 7-202, as amended, and detailed in this chapter; including loans and grants for acquisition, construction, rehabilitation and preservation of housing affordable by low, very low and extremely low income households. The duration of the period of affordability for which the housing shall be affordable on a continuing basis is detailed in §4107.2(c).

 

4101.8The Special Financial Products Component shall provide a variety of specialized forms of financial assistance authorized by D.C. Law 7-202 and specified in this chapter.

 

source

Final Rulemaking published at 36 DCR 8631 (December 29, 1989); as amended by Final Rulemaking published at 49 DCR 10582(November 22, 2002); as amended by Emergency rulemaking published at 50 DCR 1605(February 14, 2003)[EXPIRED]; as amended by Final Rulemaking published at 53 DCR 293 (January 13, 2006).