Section 14-2704. USE OF PROCEEDS

 

2704.1First Right Purchase Assistance shall be provided for the following:

 

(a)Pre-purchase costs of individual households and tenant associations limited to the following:

 

(1)Earnest money deposits; and

 

(2)Purchase options.

 

(b)Down payment costs of individual households to purchase either a single-family dwelling or a unit in a multi-family dwelling;

 

(c)Loan guarantees to private lenders providing interim financing to a tenant association for property acquisition and/or rehabilitation costs; and

 

(d)Interim deferred payment loans to tenant associations for costs related to the cooperative conversion, including the following:

 

(1)Property acquisition;

 

(2)Property rehabilitation;

 

(3)Marketing of vacant units;

 

(4)Relocation and housing assistance payments to eligible tenant households;

 

(5)Interest payments on loans from private lenders;

 

(6)Property development costs; and/or

 

(7)Interim operating deficit costs.

 

source

Notice of Final Rulemaking published at 28 DCR 903, 907 (February 27, 1981); as amended by Notice of Final Rulemaking published at 30 DCR 811, 813-814 (February 13, 1983).