(a) The Agency may make, issue commitments for, participate in making loans or mortgage loans to sponsors for the financing of housing projects for eligible persons. Such housing projects shall comply with all applicable requirements regarding tenant income mixtures, tenant income, the number of units reserved for very-low, low and moderate income persons, and other requirements established by the Internal Revenue Service, the Department of Housing and Urban Development or other laws, rules and guidelines applicable under the Agency’s plan of financing.
(b) The Agency when purchasing property shall issue only bonds that are government entity bonds of the Agency or 501(c)(3) bonds created by the Agency for the specific purpose of undertaking a development project.
(Mar. 3, 1979, D.C. Law 2-135, § 302, 25 DCR 5008; Aug. 5, 1981, D.C. Law 4-28, § 2(k), 28 DCR 2848; Aug. 1, 1985, D.C. Law 6-15, § 8(b), 32 DCR 3570; Oct. 5, 1985, D.C. Law 6-44, § 2(e), 32 DCR 4487; Apr. 20, 1999, D.C. Law 12-247, § 2(i), 46 DCR 1100; Mar. 25, 2003, D.C. Law 14-239, § 2(d), 49 DCR 11162.)
Prior Codifications1981 Ed., § 45-2122.
1973 Ed., § 45-1909.
Section ReferencesThis section is referenced in § 42-2701.02.
Effect of AmendmentsD.C. Law 14-239 designated the existing text as subsection (a); and added subsec. (b).