 |
D.C. Municipal Regulations (Last Updated: September 13, 2017) |
 |
Title 14. HOUSING |
|
Chapter 14-35. WORKFORCE HOUSING LAND TRUST PROGRAM |
Section 14-3511. PURCHASE PRICE
-
3511.1The purchase price of a qualified housing unit or land trust housing unit shall not exceed by more than five percent (5%) the value of the qualified housing unit or land trust housing unit as established by a licensed independent appraiser.
3511.2In the case of a cooperative housing unit, the share price or other investment required shall not exceed by more than five percent (5%) the proportional value of the unit, calculated on a square foot basis, relative to the value of the entire cooperative as established by a licensed independent appraiser.
3511.3If more than one appraisal is made on the qualified housing unit or land trust housing unit, the purchase price or, in the case of a cooperative housing unit, the share price or other investment required shall not exceed by more than five percent (5%) the average of all appraisals by licensed independent appraisers within the six (6) months prior to the proposed sale. The board of directors of the land trust may waive the requirement of this subsection, on an individual basis, for good cause.
3511.4In developments where substantial rehabilitation or conversion activities are to occur, the purchase price or cooperative unit cost shall not exceed by more than five percent (5%) the as-improved value of the property as established by a licensed independent appraiser.