Section 14-3512. SUBSEQUENT TRANSFERS

Latest version.

3512.1A property appraisal shall be conducted prior to the sale of a land trust housing unit.

3512.2The land trust shall establish terms, conditions, and procedures by which the land trust shall exercise its option to acquire or arrange for the purchase by an eligible household of a land trust housing unit for which it has received notice of intent to sell.

3512.3The land trust shall establish a formula for the apportionment of proceeds from the resale or refinancing of a land trust housing unit. The formula shall be designed and applied in a manner consistent with the Act.

3512.4Upon the resale of a land trust housing unit, the land trust may set a new permanent affordability formula or mechanism for the unit if the new formula or mechanism complies with the Act and this chapter.

source

Final Rulemaking published at 55 DCR 7926 (July 25, 2008).

                    
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