D.C. Mun. Regs. tit. 10, r. 10-B2224

Current through Register Vol. 71, No. 44, November 1, 2024

Rule 10-B2224 - PURCHASE OF REPLACEMENT HOUSING: SHORT-TERM OWNERS

2224.1

A displaced person who is the owner and occupant of a dwelling and is otherwise eligible under § 2223.2, except that he or she has owned and occupied the dwelling for less than one hundred eighty (180) days, but not less than ninety (90) days prior to the initiation of negotiations, shall be eligible to receive an amount, not to exceed four thousand dollars ($4,000) for the following:

(a) A downpayment on the purchase of a replacement dwelling;

(b) Reimbursement of actual expenses incidental to the purchase; or

(c) Additional costs needed to relocate his or her retained dwelling.

2224.2

Upon purchase and occupancy of a decent, safe, and sanitary dwelling within the time limits specified in § 2223.2, a displaced person covered by this section shall be eligible for the following:

(a) That amount of the downpayment which is determined by the Relocation Office as equivalent to the downpayment required on a comparable dwelling financed with a conventional loan, plus the eligible incidental expenses, when the total amount does not exceed two thousand dollars ($2,000); or

(b) An amount equal to two thousand dollars ($2,000) plus fifty percent (50%) of the amount in excess of two thousand dollars ($2,000); Provided, that the displaced person shall contribute fifty percent (50%) of the amount in excess of two thousand dollars ($2,000) when the downpayment, plus incidental expenses, is more than two thousand dollars ($2,000).

2224.3

The full amount received for a downpayment under § 2224.2 shall be applied to the purchase price and incidental expenses, and the downpayment and incidental costs claimed shall be shown in the closing statement.

D.C. Mun. Regs. tit. 10, r. 10-B2224

§ 503(b) of the Relocation Regulations, Regulation No. 73-4, 19 DCR 599, 622 (February 21, 1973)