Section 11-I902. RETRANSFER OF CREDITS

 

902.1 Except as provided in Subtitle I § 901.9, ownership of credits transferred pursuant to a Certificate of Credit Transfer may be retransferred by the owner of such credits at any time to any entity or individual for use on property owned by such entity or individual, provided that the property is located in an eligible trade area

902.2 A retransfer of credit ownership is not effectuated until the Zoning Administrator issues a Certificate of Credit Retransfer and that certificate is recorded in the land records of the District of Columbia pursuant to the procedures set forth in this section.

902.3 A request for a Certificate of Credit Retransfer shall be made by the owner of the credits and the entity or individual to whom the credits are to be retransferred hereinafter collectively referred to as “the applicant”, and shall include:

(a) The Certificate of Credit Transfer issued pursuant to Subtitle I § 901 from which the credits are to be transferred; 

(b) Any prior Certificates of Credit Retransfer from that certificate;

(c) A statement by the owner of the credits that there have been no prior retransfers of credit ownership made from the Certificate of Credit Transfer or, if there have been prior retransfers, the number of credits retransferred and the number of credits that remain to be retransferred; and

(d) A draft Certificate of Credit Retransfer that contains:

(1) The name and contact information for the entity or individual owning the credits to be retransferred;

(2) The name and contact information for the entity or individual to whom the credits are to be retransferred;

(3) A description of the Certificate of Credit Transfer from which ownership of the credits is being transferred including:

(A) The date upon which it was recorded in the land records; and

(B) The number of credits transferred from the Credit Covenant;

(4) If the generation of the credits was acknowledged by a Credit Covenant, the action that generated the credits;

(5) The trade area(s) and purposes for which the credits may be used;

(6) Whether any credits have previously been retransferred from the Certificate of Credit Transfer, and if so, the number of credits that remain to be retransferred;

(7) The number of the credits proposed for retransfer;

(8) The number of credits that would remain in possession of the transferring party after the proposed credit retransfer;

(9) The legal description of that property to which the credits are to be used and the trade area in which it is located; and

(10) The purpose for which the credits are to be used.

902.4 The Zoning Administrator, in his or her discretion, may request their General Counsel or the Office of the Attorney General to undertake a legal sufficiency review of the draft Certificate of Credit Retransfer. 

902.5 If approved, the Certificate of Credit Retransfer shall be signed by the Zoning Administrator.

902.6 The signature of the Mayor of the District of Columbia is not required.

902.7 The applicant, upon notification by the Zoning Administrator that the Certificate of Credit Retransfer has been signed, shall take the Certificate of Credit Retransfer to the Recorder of Deeds, who shall record the certificate with the lot that that is receiving the credits, and provide the applicant with two (2) certified copies of the certificate.

902.8 The applicant shall provide one (1) certified copy to the Zoning Administrator and one (1) to the Office of Planning.

902.9 The retransfer shall be effective as of the recordation date of the certificate unless a later time is requested by the applicant.

902.10 If more than one (1) retransfer of credits is made from an Acknowledgment of Credit Transfer, the second Certificate of Credit Retransfer and all subsequent Acknowledgments of Credit Retransfers shall be numbered “two” (2) and sequentially, and each shall include the names of the transferors and transferees involved in all previous retransfers, including the amount of credits retransferred and the effective dates of each retransfer.

902.11 Credits used to achieve non-residential density shall not be retransferred unless the building that utilized the additional density is destroyed or demolished; provided that any such retransfer shall divest the property of the additional density allowed by the credits.

902.12 Credits not used may be retransferred and used elsewhere according to the provisions of this section.

 

 

authority

§ 1 of the Zoning Act of 1938, approved June 20, 1938 (52 Stat. 797, as amended; D.C. Official Code § 6-641.01 (2012 Repl.)).

source

Final Rulemaking published at 63 DCR 2447, 3041 (March 4, 2016 – Part 2).