D.C. Mun. Regs. tit. 29, r. 29-13009

Current through Register Vol. 71, No. 49, December 6, 2024
Rule 29-13009 - ESCROW ACCOUNT
13009.1

The Department or its designee shall establish an escrow account, insured by the Federal Deposit Insurance Corporation, for each Program participant.

13009.2

If a Program participant pays the full amount of its rental obligation, factoring in any eligible discounts, in a month, the Department shall deposit $200 into the Program participant's escrow account.

13009.3

A Program participant may begin to access its escrow account funds after participating in the Program for at least four (4) years. Funds may not be accessed before this time for active participants.

13009.4

A Program participant that has been participating in the Program for at least four (4) years may access escrow account funds at their discretion, while continuing to receive additional escrow account deposits for which they are eligible during their fifth (5th) year of Program participation. Upon exiting the Program, regardless of how long they have been a participant, a participant shall receive the total remaining amount of its escrow account as a lump sum payment.

D.C. Mun. Regs. tit. 29, r. 29-13009

Final Rulemaking published at 70 DCR 8238 (6/9/2023)