D.C. Mun. Regs. tit. 10, r. 10-B3602

Current through Register Vol. 71, No. 44, November 1, 2024
Rule 10-B3602 - FUNDING OF AGENCY PROJECTS
3602.1

The undertakings of the Agency as provided in the Act or this chapter may be funded in whole or in part by the issuance of bonds, notes, or other obligations on whatever terms and conditions the Agency determines.

3602.2

In addition to proceeds from bonds, notes, or other obligations issued by the Agency, the Agency may receive gifts, grants, loans, appropriations, or other funds, property or other assets, or any other type of financial assistance (including insurance and guarantees) from any federal, District, private, or other source, and may do any and all things necessary to avail itself of that aid.

3602.3

Funds or other forms of assistance may be used to finance, or assist the financing of, any of the following activities:

(a) Loans to sponsors for the acquisition, equipping, construction, rehabilitation, mezzanine financing, interim financing, or permanent financing of rental Housing projects for Eligible persons;
(b) Rent subsidy programs to be utilized by Eligible persons;
(c) A loan guarantee fund to be used by the Agency to guarantee or insure loans in accordance with criteria established by the Agency;
(d) Counseling programs for low-income and moderate-income families who participate in rental projects funded by the Agency; and
(e) Any other activities permitted in the Act.
3602.4

Agency funds or other forms of assistance may also be used in the furtherance of the exercise of Agency powers as contemplated in the Act with respect to any of the programs permitted in § 3602.3.

3602.5

In the furtherance of the Agency's program or programs to finance housing, there may be created by resolution of the Board from time to time, reserve and other funds as may be necessary or appropriate to secure bonds, notes, and other forms of indebtedness issued by the Agency.

3602.6

Funds created or set aside under § 3602.5 shall be administered as provided in applicable indentures, resolutions, or other agreements concerning security for bondholders, noteholders, or creditors holding other forms of indebtedness issued by the Agency.

D.C. Mun. Regs. tit. 10, r. 10-B3602

Final Rulemaking published at 28 DCR 4544, 4551 (October 23, 1981); as amended by Final Rulemaking published at 61 DCR 4156 (April 25, 2014)
Authority: Section 306 of the District of Columbia Housing Finance Agency Act of 1979, effective March 3, 1979, (D.C. Law 2-135; D.C. Official Code § 42-2703.06 (2012 Repl.)) (Act), and 10-B DCMR § 3508.1.