§ 42–2812.03. Bond authorization for New Community Initiative neighborhoods, including Sursum Corda.
(a) Pursuant to § 1-204.90 and this subchapter, the Mayor is authorized to issue bonds to assist in financing, refinancing, or reimbursing costs of undertakings by the District to accomplish the purposes of the New Communities Initiative. Subject to Council approval by resolution submitted by the Mayor in accordance with subsection (d) of this section, the Mayor is authorized to issue bonds to assist in financing, refinancing, or reimbursing costs of developing mixed income and mixed use projects situated in:
(1) The vicinity of an area known as Northwest One/Sursum Corda Cooperative, located between K Street, N.W., M Street, N.W., New Jersey Avenue, N.W., and North Capitol Street, N.W., in the District; or
(2) Any other area that has been approved by the Council pursuant to the New Communities Initiative.
(b)(1) The bonds, which may be issued from time to time, in one or more series, shall be tax-exempt or taxable as the Mayor shall determine.
(2) The total amount of funds allocated annually from the Housing Production Trust Fund to pay debt service on the bonds shall not exceed $16 million.
(c) The Mayor is authorized to pay from the proceeds of the bonds the costs and expenses of issuing and delivering the bonds, including, but not limited to, underwriting, legal, accounting, financial advisory, bond insurance or other credit enhancement, marketing and selling the bonds, and printing costs and expenses.
(d) The Mayor shall submit and the Council shall approve, by resolution, the amount of bonds that shall be issued at any one time for a project authorized by subsection (a) of this section. Each approval resolution shall state the aggregate principal amount of bonds to be issued, and shall be accompanied by a preliminary development plan that describes the projected construction plan, and includes the following:
(1) A plan that provides for the one-to-one replacement of existing subsidized units, minimizes the displacement of current residents, relocates displaced residents to suitable interim housing within the general neighborhood, and provides the opportunity and the means for the return of the residents to the redeveloped community;
(2) Evidence that the poverty rate in the community is 20% or more;
(3) An executed agreement between the Mayor, or his Authorized Delegate, and one or more designated representatives of the community that acknowledges the immediate and recognizable need for redevelopment of the community;
(4) A plan by which local, community-based developers of affordable housing may be able to achieve at least 40% participation in the redevelopment project;
(5) A preliminary financing plan that includes a financial feasibility analysis that sets forth the proposed sources and uses of funds;
(6) Evidence that 500 or more new or rehabilitated housing units will be developed in the proposed New Communities Initiative neighborhood, and which specifies the total number and the distribution of planned housing units by level of household income; and
(7) An analysis of the synergies to be achieved through the allocation of public and private investments in human and physical capital, and their combined contribution to enhancement of the project’s economic feasibility.
(e) After May 1, 2013, all new bonds or notes for the New Communities Initiative shall be issued, secured, and paid pursuant to Subchapter II-D of Chapter 3 of Title 47 of the District of Columbia Official Code; provided, that the new bonds or notes issued for the New Communities Initiative shall be:
(1) Subject to Council approval by resolution submitted by the Mayor that includes the specific information required in subsection (d)(1) through (7) of this section;
(2) Issued from time to time as a separate series of income tax secured revenue bonds issued pursuant to Subchapter II-D of Chapter 3 of Title 47 of the District of Columbia Official Code and not combined into a single series with income tax secured revenue bonds issued for Capital Projects (other than for the New Communities Initiative), as defined in § 47-340.26(9), or for any other purposes; and
(3) Notwithstanding the provisions of this subsection, refunding bonds and notes payable from and secured by the Allocated Fund may be issued to refund bonds issued under this chapter if such refunded bonds and notes were issued before May 1, 2013.
(f) By April 1, 2014, the Office of the Deputy Mayor for Planning and Economic Development and the District of Columbia Housing Authority shall submit a written report to the Chairperson of the Council’s Committee on Economic Development, which shall address the following:
(1) An overall summary of the progress of the New Communities Initiative, including:
(A) Overall spending to date;
(B) Projected future costs;
(C) Completion status;
(D) Total number of units built and income mix by Area Median Income; and
(E) Estimated completion date.
(2) A report on each New Communities Initiative site building, including:
(A) Spending on the site to date;
(B) Projected future costs;
(C) Financing sources;
(D) Updates on plans for new buildings, if any;
(E) Income mix by Area Median Income;
(F) Number of units in each building;
(G) Completion status of each building; and
(H) Estimated completion date of construction.
(3) A report on each existing New Communities Initiative site, including:
(B) Completion status;
(C) Spending on building to date;
(D) Projected future costs;
(E) Financing sources;
(F) Estimated date of construction completion;
(G) Number of residents that have been relocated;
(H) Number of residents that have returned to site;
(I) Number of units on original site; and
(J) Income mix by Area Median Income.
(4) A report on amenities, including:
(A) Plans for amenities;
(B) Spending on amenities to date;
(C) Projected future costs; and
(D) Financing sources.
(5) A report on human capital, including:
(A) Number of residents served;
(B) Services offered;
(C) Spending on human capital to date; and
(D) Projected future costs.