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Current through October 23, 2012
(a) An applicant shall be eligible for the Home Purchase Assistance Step Up Program if the applicant:
(1) Is a District of Columbia resident;
(2) Is the head of the household and will occupy the property to be purchased with assistance from the program as his or her primary residence;
(3) Has a satisfactory credit rating as shall be defined by rules deemed necessary to carry out the purposes of this subchapter;
(4) Has adequate income to qualify for a mortgage from a private lender;
(5) Has sold or otherwise disposed of all interests in any other real property before the closing of any loan under this subchapter;
(6) Has insufficient assets to pay the down payment or reasonable closing costs, or both, without assistance from this program;
(7) Would have liquid assets not exceeding the limit established by the Mayor by rulemaking, after purchasing property under this subchapter or through this program; and
(8) Meets qualifying income levels as provided by regulation.
(b) Property shall be eligible for the Home Purchase Assistance Step Up Program if the property:
(1) Is an existing single family residence in the District of Columbia;
(2) Meets the requirements of the Construction Codes promulgated pursuant to the Construction Codes Approval and Amendments Act of 1980, effective February 2, 1987 (D.C. Law 6-216; 12 DCMR) and the Housing Regulations of the District of Columbia, effective August 11, 1955 (C.O. 55-1503; 14 DCMR Chapters 1-14); and
(3) Has a purchase price that neither exceeds the maximum price requirement established by rulemaking nor the appraised value of the property.
(Apr. 27, 1999, D.C. Law 12-266, § 4, 46 DCR 948.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 45-2213.
Legislative History of Laws
For legislative history of D.C. Law 12-266, see Historical and Statutory Notes following § 42-2621.
