Section 14-2502. PURCHASE PRICE OF PROPERTY

 

2502.1The purchase price of the property shall not exceed by more than five percent (5%) the value of the property as established by a qualified independent appraiser.

 

2502.2In the case of a cooperative unit, the share price or other investment required shall not exceed by more than five percent (5%) the proportional value of that unit, calculated on a square basis, relative to the value of the entire property of the cooperative as established by a qualified independent appraisal.

 

2502.3If more than one appraisal is made on the property, the purchase price or cooperative unit cost shall not exceed by more than five percent (5%) the average of all appraisals by qualified independent appraisers within the six (6) months prior to the proposed sale.

 

2502.4The property shall meet the standards established in the Housing, Environmental, Building, Zoning, Plumbing, Electrical and Fire Codes regulations of the District of Columbia Municipal Regulations at the time of settlement on the property.

 

2502.5Settlement may be allowed on a property which does not fully meet code requirements, at that time, if a determination is made by DHCD that adequate, financially feasible provisions have been made by the buyer or the seller to correct all code defects or violations necessary to protect the health and safety of the occupants prior to occupancy of the property and not later than six months after the settlement.

 

Settlement is also subject to the federal and District lead safe housing regulations, including but not limited to, HUD Disclosure and Notice requirements and the EPA pamphlet; Visual Assessment; Paint Stabilization, if any required, use of Safe Work Practices and Clearance. Housing built after 1978 is exempt from these regulations. 24 CFR Part 35 Subpart K; DCMR Title 20, Chapter 8, Section 806 (1998).

 

2502.6The maximum first trust loan amount shall not exceed the conventional conforming loan limit.

 

source

Notice of Final Rulemaking published at 28 DCR 526, 530 (January 30, 1981); as amended by Notice of Final Rulemaking published at 44 DCR 1553, 1554 (March 14, 1997); Notice of Final Rulemaking published at 53 DCR 436 (January 20, 2006); and Final Rulemaking published at 53 DCR 5251 (June 30, 2006).