D.C. Mun. Regs. tit. 14, r. 14-2699

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 14-2699 - DEFINITIONS

2699.1

When used in this chapter, the following terms and phrases shall have the meanings ascribed:

Comprehensive seed money loan - a non-interest-bearing loan to a tenant association, due at the time of settlement, to help defray the up-front costs related to the acquisition and rehabilitation of its building.

DHCD - District of Columbia Department of Housing and Community Development.

Gross household income - includes the following:

(a) Head of household's stable income from primary employment, public assistance, and pensions;

(b) Spouse's earnings, and the earnings of other household members if their employment is a definite characteristic of family life and likely to continue for a substantial period of time;

(c) Other income regularly received by the applicant or his or her family from any source; and

(d) Net income from real estate and other net business income.

Improvement plan - a written agreement developed with the assistance of the DHCD Apartment Improvement Program staff that provides for the continued use of the building by lower-income residents. The agreement is among the following:

(a) A building's owner;

(b) The tenants;

(c) A lender; and

(d) The District of Columbia

Initial retainer seed money loan - a short-term non-interest-bearing loan to a tenant association limited to assistance in the payment of initial retainer fees for the services of an organizer, appraiser, lawyer, architect, engineer, and general developer/consultant.

Lower income - as defined in the Housing and Community Development Act of 1974, family income not exceeding eighty percent (80%) of the median family income of the Washington Metropolitan Area, as determined by the Secretary of the U.S. Department of Housing and Urban Development, with adjustments for family size, or such other limits as may be established by the Secretary on the basis of findings that variations are necessary because of construction costs, unusually high or low incomes, or other factors.

Low-yield cooperative - a cooperative where the transfer value of the membership is limited by the bylaws of the corporation to the sum of the following:

(a) The membership under the occupancy agreement or its equivalent (i.e., initial price of the proprietary lease, or share cost) at an accrued rate of return set by the Board of Directors not to exceed a ten percent (10%) increase (compounded annually); PLUS

(b) The value, as determined by the Board of Directors, of any improvements installed at the expense of the member with prior approval of the Board, under a valuation formula that provides for reimbursement in an amount not to exceed the initial cost of the improvements; MINUS

(c) The cost or estimated cost of all deferred maintenance repairs as is deemed necessary by the corporation to place the dwelling unit in suitable condition for another occupant.

Tenant association - an organization of tenants with members who are tenants of the housing accommodation to be converted and who occupy units constituting more than fifty percent (50%) of the occupied rental units.

D.C. Mun. Regs. tit. 14, r. 14-2699

Notice of Final Rulemaking published at 27 DCR 4606-4607 (October 17, 1980)