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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-B41. HOUSING PRODUCTION TRUST FUND PROGRAM |
Section 10-B4108. APPROVAL AND FUNDING OF APPLICATIONS AND CONTINUING RESPONSIBILITIES OF DEVELOPERS
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4108.1Upon receipt of any application for a financial assistance from the Fund, DHCD or its designee shall perform an initial review to determine the completeness and its compliance with Property and other eligibility requirements as specified in §§4106 and 4107.
4108.2DHCD or its designee shall reject applications which are initially determined to be incomplete or ineligible and may, in its sole discretion, grant additional time as it deems appropriate to enable applicants to correct deficiencies identified during the initial evaluation of the application.
4108.3Applications determined to be complete and meeting intake requirements shall be reviewed by DHCD, or its designee, in accordance with the criteria established pursuant to this chapter.
4109.4The DHCD or its designee shall approve or reject applications based on written underwriting criteria, evaluation procedures, priorities, and other criteria and procedures, consistent with the Act, this chapter and funding availability.
4108.5All applications rejected by Participating Lenders shall be referred to DHCD for review and further consideration. DHCD reserves the right to evaluate, approve and fund directly the applications independent of the Participating Lender.
4108.6At the sole discretion of DHCD, highly ranked applications for which there is no current funding availability may be held by DHCD for subsequent late approval if additional funds become available or earlier approved projects are not proceeding on a timely basis.
4108.7DHCD or its designee shall notify all applicants, in writing, of its final decision regarding application approval or disapproval.
4108.8The initial approval of applications by DHCD or its designee shall be in the form of a written conditional commitment letter to the applicant which shall establish conditions precedent to receipt of financial assistance through the Fund.