Section 14-9213. MAINTENANCE RESERVE

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9213.1The purchaser shall establish and maintain a maintenance reserve at all times.

9213.2This fund is for home maintenance and repairs, and should be established and increased at regular intervals to ensure the availability of funds when needed.

9213.3The HCV/HOAP or the counseling designee shall make recommendations on an amount that would build a sufficient reserve over a two to three year period.

9213.4The reserve amount shall be kept in a bank or financial institution that provides periodic statements.

9213.5Purchasers who fail to establish a maintenance reserve account, which shall be verified periodically, by the HCV/HOAP or the counseling designee, shall be required to attend individual counseling sessions and instructed to establish one.

source

Notice of Final Rulemaking published at 49 DCR 5767 (June 21, 2002); as amended by Final Rulemaking published at 52 DCR 6180 (July 1, 2005).

                    
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