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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 14-98. PUBLIC HOUSING: ACHIEVING YOUR BEST LIFE REWARDS PROPERTY PROGRAM |
Section 14-9814. SAVINGS ESCROW ACCOUNTS
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9814.1 A Savings Escrow Account will be established for each participating AYBL Family.
9814.2The amount paid into their Savings Escrow Account by AYBL Families shall be twenty-eight percent (28%) of the Earned Income of each AYBL participant.
9814.3 DCHA shall deposit the savings escrow funds of all AYBL Families into a single depository account that shall be invested in one (1) or more HUD-approved investments.
9814.4 The total of the combined savings escrow account funds shall be supported in the DCHA accounting records by a subsidiary ledger showing the balance applicable to each AYBL participant. During the term of the Contract of Participation, DCHA shall credit periodically, but not less than annually, to each AYBL participant’s savings escrow account, the amount of the AYBL participant Savings Escrow payment.
9814.5The investment income for funds in the Savings Escrow Account will be prorated and credited to each AYBL Family’s Savings Escrow Account based on the balance in each family’s AYBL Savings Escrow Account at the end of the period for which the investment income is credited.
9814.6 Required AYBL participant savings escrow payments shall be adjusted to reflect any changes in the AYBL participant’s earned income. See Interim Recertification policies in this chapter for additional information related AYBL program requirements.
9814.7The primary purpose of the Savings Escrow account is to fund costs related to obtaining a mortgage (i.e., down payment). These funds will be disbursed, minus any amount owed to DCHA by the AYBL Family, on behalf of the AYBL Family at the time of settlement.
9814.8 Upon written request by an AYBL participant, and subsequent approval by DCHA, an interim disbursement may be made on behalf of the AYBL participant from the AYBL participant’s Savings Escrow account. DCHA may require any additional documentation supporting the request.
9814.9 Savings Escrow payments are due by the first (1st) of the month and will be treated as late payments if not received by the tenth (10th) of the month. .