§ 42-2505. Deferred payment loan.

Current through October 23, 2012

(a) In addition to the assistance provided in § 42-2504(b), the Department shall make available to each Participant a deferred loan of up to $10,000 to provide financial assistance for the purchase of a housing unit. The deferred payment loan shall be available only if the housing unit shall be the principal residence of the Participant.

(b) Payment of the principal may be deferred until the property is sold, transferred, or ceases to be the principal residence of the Participant.

(d) The deferred payment loan may be used in conjunction with the Home Purchase Assistance Program established by Chapter 26 of this title.

(e) The Department may charge interest on the loan if the housing unit is sold within 5 years.

                
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(May 9, 2000, D.C. Law 13-96, § 6, 47 DCR 1081; Mar. 2, 2007, D.C. Law 16-192, § 2012(a), 53 DCR 6899.)

HISTORICAL AND STATUTORY NOTES

Effect of Amendments

D.C. Law 16-192, in subsec. (d), substituted "may" for "may not".

Emergency Act Amendments

For temporary (90-day) addition of section, see § 6 of the Government Employer-Assisted Housing Emergency Amendment Act of 1999 (D.C. Act 13-188, December 1, 1999, 46 DCR 10407).

For temporary (90-day) addition of section, see § 6 of the Government Employer-Assisted Housing Legislative Review Emergency Amendment Act of 1999 (D.C. Act 13-258, February 9, 2000, 47 DCR 1124).

For temporary (90 day) amendment of section, see § 2012(a) of Fiscal Year 2007 Budget Support Emergency Act of 2006 (D.C. Act 16-477, August 8, 2006, 53 DCR 7068).

For temporary (90 day) amendment of section, see § 2012(a) of Fiscal Year 2007 Budget Support Congressional Review Emergency Act of 2006 (D.C. Act 16-499, October 23, 2006, 53 DCR 8845).

For temporary (90 day) amendment of section, see § 2012(a) of Fiscal Year 2007 Budget Support Congressional Review Emergency Act of 2007 (D.C. Act 17-1, January 16, 2007, 54 DCR 1165).

Legislative History of Laws

For Law 13-96, see notes following § 42-2601.

For Law 16-192, see notes following § 42-903.

Miscellaneous Notes

Short title: Section 2011 of D.C. Law 16-192 provided that subtitle B of title II of the act may be cited as the "Government Employer-Assisted Housing Program Amendment Act of 2006".