D.C. Mun. Regs. tit. 10, r. 10-B4102

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

Rule 10-B4102 - RESPONSIBILITY AND AUTHORITY OF DHCD

4102.1

DHCD shall have responsibility and authority for administration of the Fund. DHCD is authorized to pay all reasonable costs of fund administration from the Fund not to exceed in a fiscal year 5 percent of the funds deposited into the Fund during the year.

4102.2

The Director shall allocate monies deposited in the Fund between the Housing Production Component and the Special Financial Products Component. Funds shall be allocated so that, in a given year, no more than 25 percent of the Fund may be allocated to the Special Financial Products Component.

4102.3

DHCD may establish specific underwriting criteria, evaluation procedures, priorities, and other criteria and procedures consistent with the Act and this chapter as may be necessary for the effective day-to-day operation of the Fund. These guidelines and procedures may be revised from by DHCD.

4102.4

The guidelines and procedures shall be specified in writing and made available to any financial institution seeking to be designated as a depository for the Fund pursuant to § 4101.3, or as a Participating Lender as described in § 4105.1 or to any applicant for assistance under the Fund.

4102.5

DHCD shall establish a One Stop Center to provide information to potential developers considering the development of affordable housing, particularly minority and non-profit developers.

4102.6

The One Stop Center shall provide potential housing developers with direct access to information and assistance on housing production programs including, but not limited to, the following:

(a) Available public and private sources of debt and equity capital;

(b) Housing programs of DHCD, the D.C. Housing Finance Agency, other District and federal agencies; and

(c) Pre-application technical assistance to non-profit housing developers.

4102.7

DHCD shall develop an annual community outreach plan, which shall promote maximum visibility of the Fund and its operations and full participation by developers, lenders, and District residents who request assistance through the Fund.

4102.8

DHCD shall periodically review Fund revenue sources to determine what additional revenue sources may be required to assure the continuation of the Fund and its programs and, if necessary, shall request Council action to access revenue sources otherwise unavailable to DHCD.

4102.9

DHCD shall also be responsible for the following:

(a) Filing with the Chairperson of the Council Committee on Housing and Economic Development quarterly and annual reports on activities and expenditures of the Fund;

(b) Conducting public hearings, and making annual assessments of the continued housing needs of low, very low and extremely low income households;

(c) Monitoring for compliance written agreements entered into by DHCD and commercial developers any Borrower or Grantee receiving Fund assistance pursuant to the Act and the rules; and

(d) Commissioning an annual audit report of the Fund by a Certified Public Accountant or firm of public accountants independent of DHCD in accordance with generally acceptable government auditing standards covering financial and compliance audits which sets forth the amount of deposits in the Fund, the aggregate amount of all loans or grants issued by the Fund, and the number and amount of Fund loans in default.

4102.10

The audit may be conducted and included among any other similar audit of DHCD or its programs.

D.C. Mun. Regs. tit. 10, r. 10-B4102

Final Rulemaking published at 36 DCR 8631, 8633 (December 29, 1989); as amended by Final Rulemaking published at 49 DCR 10582(November 22, 2002); as amended by Emergency rulemaking published at 50 DCR 1605(February 14, 2003)[EXPIRED]; as amended by Final Rulemaking published at 53 DCR 293 (January 13, 2006)