D.C. Law 21-139. Home Purchase Assistance Program Amendment Act of 2016.

D.C. Law 21-139. Home Purchase Assistance Program Amendment Act of 2016.

AN ACT

To amend the Home Purchase Assistance Fund Act of 1978 to require the Mayor to review and revise the repayment structure of the Home Purchase Assistance Program to include greater flexibility in the program by supplementing the program with additional repayment options for the lowest income loan recipients, and to increase the maximum amount of down payment assistance for the lowest income applicant available under the Program from $50,000 to $80,000; and to make conforming amendments to Title 14 of the District of Columbia Municipal Regulations.

BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "Home Purchase Assistance Program Amendment Act of 2016".

New § 42-2602.01

Sec. 2. The Home Purchase Assistance Fund Act of 1978, effective September 12, 1978 (D.C. Law 2-103; D.C. Official Code § 42-2601 et seq.), is amended by adding a new section 3a to read as follows:

"Sec. 3a. Home Purchase Assistance Program Revision.

"(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 section 5(a), within 60 days after the effective date of the Home Purchase Assistance Program Amendment Act of 2016, passed on 2nd reading on April 19, 2016 (Enrolled version of Bill 21-481).".

Sec. 3. The lead-in language of section 14-2503.1(b) of Title 14 of the District of Columbia Municipal Regulations (14 DCMR § 2503.1(b)) is amended by striking the sentence "The maximum amount of down payment assistance for the lowest income applicant shall be $50,000 and shall be adjusted based on the applicant's income according to subparagraph (1) of this paragraph.".

Sec. 4. Fiscal impact statement.

The Council adopts the fiscal impact statement in the committee report as the fiscal impact statement required by section 4a of the General Legislative Procedures Act of 1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).

Sec. 5. Effective date.

This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), a 30-day period of congressional review as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Official Code § 1-206.02(c)(1)), and publication in the District of Columbia Register.