D.C. Mun. Regs. tit. 10, r. 10-B4502

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

Rule 10-B4502 - APPLICATION PROCESS

4502.1

DHCD shall have the authority to establish, and shall announce from time to time, the time period requirements for receipt of applications for assistance under the LAHDO Program. All applications shall be in a form as prescribed by DHCD.

4502.2

DHCD's announcement soliciting applications to develop housing under the LAHDO Program shall be published in the following:

(a) At least two (2) newspapers of general circulation in the District of Columbia; and

(b) In a newspaper(s) serving minority communities in the District of Columbia.

4502.3

In the application or application announcement, DHCD shall provide general information, in a form prescribed by DHCD, which may include, but not be limited to, the following:

(a) The deadline dates(s) or other alternative timing requirements for submission of applications;

(b) The amount of funding available for the applicable period of the announcement described in § 4502, 1;

(c) When and where application material and instructions may be obtained;

(d) Application fees, if any, required of applicants;

(e) The general application approval process to be used by DHCD, such as competitive selection or other alternative means of approval;

(f) The eligibility, feasibility, evaluation, ranking and selection criteria, if any, of projects to be funded;

(g) The minimum percentage of dwelling units in each selected project which must be reserved at rental levels or sales prices which are affordable to lower-income individuals or families;

(h) A listing of all documentation which is to accompany all LAHDO Program applications; and

(i) A detailed description of the features of the LAHDO Program, the sale/leaseback transaction, land purchase option available to project developers and other District of Columbia financial assistance available to applicants.

4502.4

In the application, the applicant shall provide information specific to the LAHDO project, in a form prescribed by DHCD, which may include, but not be limited to, the following:

(a) The applicant's cover letter, specifying that the applicant is prepared to negotiate with DHCD to facilitate acquisition of the subject property, comply with all DHCD and District requirements to complete the proposed project and seek all necessary project financing. The cover letter shall also specify the planned source of financing;

(b) Copies of all private lender(s) and investor(s) financial commitments made for the proposed project;

(c) Evidence that all real estate taxes or other governmental charges for the property are current, or applicant's commitment to bring them current not later than the time of closing described in § 4506;

(d) Current resumes or qualifications statements of all proposed development team members;

(e) Copies of all existing mortgage instruments, liens or other indebtedness encumbering the property;

(f) A map indicating the location of the property;

(g) An appraisal which shall meet the requirements specified in § 4502.5;

(h) A current, certified true copy of the applicant's Articles of Incorporation, By-Laws, Partnership Agreement, Joint Venture Agreement and other legal documents establishing and governing the applicant; and

(i) A current copy of the "Personal Financial Statement," for the applicant and any principals of the development entity or any member of the proposed development team who will have a financial interest in the planned project.

4502.5

Each applicant shall submit, as an attachment to its application, a detailed Real Estate Appraisal Report, completed by a qualified real estate appraiser. The appraisal shall be reviewed by DHCD and shall contain the following:

(a) A statement of the purpose of the appraisal report;

(b) A statement of the appraiser's qualifications and previous appraisal reports completed by the appraiser, including the type(s) of properties appraised, dates of all previous reports and clients names and addresses;

(c) The estimated current and after-rehabilitation or after development value of the land under lying a property proposed for acquisition under the LAHDO Program;

(d) The estimated current and after-rehabilitation or development value of the improvement (i.e., building(s) to be rehabilitated or developed by the applicant);

(e) The estimated current and after-rehabilitation or development value of the combined land and proposed improvements for the project proposed by the applicant;

(f) A legal description, zoning characteristics, topographic description and photographs of the land and improvements which is the subject of the appraisal report;

(g) A complete narrative description of the approach or methodology used to support the estimated values, including statistical analyses, comparable property analyses and other data required to adequately support the appraiser's estimates of values;

(h) A certification by the appraiser and the applicant that affirms that both parties have read, understood and complied with the DHCD "Appraisal Instructions," which shall be an integral part of the LAHDO application submission; and

(i) A certification by the appraiser that he or she shall be available, after submission of the Appraisal Report to DHCD, to promptly respond to any reasonable requests by DHCD for clarification of any part(s) of the Appraisal Report, or to provide any additional data needed by DHCD to complete its review of the Appraisal Report or any later submitted data.

D.C. Mun. Regs. tit. 10, r. 10-B4502

Final Rulemaking published at 36 DCR 8507, 8509 (December 22, 1989)