D.C. Mun. Regs. tit. 14, r. 14-2601
Seed Money Loans shall be made only to tenant associations which, on the first of the month in which the application is filed, meet the following requirements:
Seed Money Loans shall be available on a citywide basis. Priority shall be given to properties located in designated Neighborhood Strategy Areas and other community development areas.
Seed Money Loans shall be made only to tenant associations with more than fifty percent (50%) of their member households having lower incomes. The Department may verify incomes as it deems necessary.
Seed Money Loans shall be made only to tenant associations which are incorporated and have in place an elected board of directors, adopted bylaws, and a bank account, and which are capable of owning real property.
Seed Money Loans shall be made only to tenant associations which demonstrate in the bylaws the intent to be a low-yield cooperative as defined in § 2699.
Seed Money Loans shall be made only to tenant associations which demonstrate, to the Department's satisfaction, an ability to achieve acquisition of their building and repay the loans by showing evidence of adequate financial resources and organizational development.
Priority shall be given to tenant associations being assisted by the Department's Apartment Improvement Program or by Department-supported providers of cooperative conversion technical assistance.
D.C. Mun. Regs. tit. 14, r. 14-2601