(a) The Mayor shall review and revise the repayment structure of the Home Purchase Assistance Program ("Program"), established by Chapter 25 of Title 14 of the District of Columbia Municipal Regulations, to include greater flexibility in the Program by supplementing the Program with additional repayment options for the lowest income loan recipients.
(1) Examples of additional repayment options include:
(A) A graduated repayment system;
(B) The postponement of the repayment of individual loans until the sale of a home; and
(C) An exploration of the establishment of an incentive program to forgive a portion of the loan if cash refinancing is carried out within a certain timeframe.
(2) The maximum amount of down payment assistance for the lowest income applicant available under the Program shall be $80,000, and shall be adjusted based on the applicant's income according to 14 DCMR § 2503.1(b)(1).
(b) The Mayor shall submit the revised repayment system to the Council for review, pursuant to § 42-2604(a), within 60 days after July 1, 2016.