D.C. Mun. Regs. tit. 10, r. 10-B4111

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

Rule 10-B4111 - ELIGIBILITY AND PRIORITY CRITERIA FOR SPECIAL FINANCIAL PRODUCTS

4111.1

Eligible Borrowers or Grantees may make application through the Special Financial Products Component for a variety of specialized forms of financial assistance authorized in D.C. Law 7-202 and specified in § 4109.2.

4111.2

Except for properties for which loans or grants are requested to provide on-site child development facilities described in § 4109.2(e) and which shall be subject to the additional eligibility criteria of § 4111.6, properties for which an Eligible Borrower or Grantee may receive assistance through the Special Financial Products Component shall be subject to the Property Eligibility Criteria and Priorities for Housing Production Loans as set forth in § 4107.

4111.3

All other provisions of this chapter notwithstanding, applications and awards for the following Special Financial Products shall be subject to § 4107.1 a and the additional eligibility criteria described in §§ 4111.4 through 4111.6:

(a) [DELETED]

(b) Bridge Loans and Gap Financing to reduce up-front costs of residential development and to continue the construction or rehabilitation of a property should circumstances change adversely during development, as described in § 4109.2(b); and

(c) Loans or grants to finance on-site child development facilities for proposed housing or commercial development projects, as described in § 4109.2(e).

4111.4

[DELETED]

4111.5

Bridge loans and gap financing to reduce up-front costs and costs of residential development to keep a housing project in operation, should circumstances change adversely during development as described in § 4109.2(b) shall only be available to Eligible Borrowers which are able to demonstrate the following to the satisfaction of DHCD or its designee:

(a) Construction of the project for which special financial product assistance is requested has commenced;

(b) Completion of the project for which special financial product assistance is requested would be severely jeopardized without additional funds;

(c) Required additional funds are unavailable to the Borrower from private financial institutions; and

(d) Borrower agrees in writing to accept to abide by any DHCD mandated changes to or substitution of the membership or composition of the Development Team of the Project.

4111.6

Loans or grants to finance on-site child development facilities for proposed housing or commercial development projects described in § 4109.2(e) shall only be available to eligible borrowers which are able to demonstrate the following to DHCD or its designee:

(a) The amount of special financial product assistance for the child development facility does not exceed the minimum cost of constructing the facility to meet the minimum requirements of the D.C. Building Code;

(b) The percentage of spaces reserved for children of low- and moderate-income families in the child development facility shall be no less than the percentage of the facility's total development costs which are assisted by the Fund, as determined by DHCD;

(c) Any fees assessed to the low, very low and extremely low income families described in this section for child care services shall be affordable to such low, very low and extremely low income families as determined by DHCD or its designee;

(d) When accepting children for the reserved spaces, the following children shall be accepted in descending order of priority:

(1) Dependent children of low, very low and extremely low income residents of the residential building containing an assisted child development facility; or

(2) Dependent children of low, very low and extremely low income employees of businesses located in the commercial building containing the assisted child development facility;

(e) Other children of low, very low and extremely low income households whose residences or places of employment provide reasonable access to the assisted child development facility; and

(f) Children of other low, very low and extremely low income District of Columbia residents.

D.C. Mun. Regs. tit. 10, r. 10-B4111

Final Rulemaking published at 36 DCR 8631, 8646 (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]