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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 14. HOUSING |
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Chapter 14-30. SENIOR CITIZENS' HOME REPAIR AND IMPROVEMENT PROGRAM |
Section 14-3005. FINANCIAL ASSISTANCE TO BE PROVIDED
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3005.1The Department shall provide either amortized or deferred payment loans to eligible senior citizen homeowner applicants.
3005.2The maximum loan principal for an amortized or deferred loan shall be five thousand dollars ($5,000) per property.
3005.3The maximum loan term for an amortized loan shall be twenty (20) years.
3005.4An amortized loan shall be repaid with interest at an annual rate not to exceed three percent (3%).
3005.5An amortized loan shall be repaid on a monthly schedule until paid in full.
3005.6The outstanding principal balance of an amortized loan shall be paid in full upon sale or transfer of the property.
3005.7The Director may waive any of the requirements of this section, if the Director determines the repayment schedule creates an economic hardship on the homeowner receiving the loan.
3005.8An amortized loan repayment shall be considered an economic hardship if the applicant’s average monthly housing expenses for principal, interest, taxes, insurance and the cost of the amortized loan exceeds twenty-eight percent (28%) of the applicant’s gross monthly income.
3005.9If the applicant’s monthly housing expenses exceed the standard established in § 3005.8, the applicant shall be eligible to receive a deferred payment loan.
3005.10The deferred payment loan shall be due and payable if the borrower moves from the property.
3005.11The deferred payment loan shall be repaid to the Department upon sale of the property to another owner.
3005.12In the case of transfer of ownership, a repayment schedule may be renegotiated with the new owner based upon the ability of the new owner to meet the criteria established in § 3005.8.
3005.13Amortized and deferred payment loans may be subordinated to existing debt secured by the property.
3005.14All DHCD loans shall be secured by a recorded lien on the rehabilitated property.
3005.15All loan funds shall be used for correction of housing deficiencies identified by DHCD.