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The DC Code: § 42-2505 Deferred payment loan.

Index42 Real Property. (Refs & Annos)
a
In addition to the assistance provided in § 42-2504(b), the Department shall make available to each Participant a deferred loan of up to $10,000 to provide financial assistance for the purchase of a housing unit. The deferred payment loan shall be available only if the housing unit shall be the principal residence of the Participant.
b
Payment of the principal may be deferred until the property is sold, transferred, or ceases to be the principal residence of the Participant.
c
Deferred payment loans may be secured by a second deed of trust on the subject property.
d
The deferred payment loan may be used in conjunction with the Home Purchase Assistance Program established by Chapter 26 of this title.
e
The Department may charge interest on the loan if the housing unit is sold within 5 years.

Historical and Statutory

Effect of Amendments D.C. Law 16-192, in subsec. (d), substituted "may" for "may not". Emergency Act Amendments For temporary (90-day) addition of section, see § 6 of the Government Employer-Assisted Housing Emergency Amendment Act of 1999 (D.C. Act 13-188, December 1, 1999, 46 DCR 10407). For temporary (90-day) addition of section, see § 6 of the Government Employer-Assisted Housing Legislative Review Emergency Amendment Act of 1999 (D.C. Act 13-258, February 9, 2000, 47 DCR 1124). For temporary (90 day) amendment of section, see § 2012(a) of Fiscal Year 2007 Budget Support Emergency Act of 2006 (D.C. Act 16-477, August 8, 2006, 53 DCR 7068). For temporary (90 day) amendment of section, see § 2012(a) of Fiscal Year 2007 Budget Support Congressional Review Emergency Act of 2006 (D.C. Act 16-499, October 23, 2006, 53 DCR 8845). For temporary (90 day) amendment of section, see § 2012(a) of Fiscal Year 2007 Budget Support Congressional Review Emergency Act of 2007 (D.C. Act 17-1, January 16, 2007, 54 DCR 1165). Legislative History of Laws For Law 13-96, see notes following § 42-2601. For Law 16-192, see notes following § 42-903. Miscellaneous Notes Short title: Section 2011 of D.C. Law 16-192 provided that subtitle B of title II of the act may be cited as the "Government Employer-Assisted Housing Program Amendment Act of 2006". DC CODE § 42-2505 Current through December 11, 2012

Credits

(May 9, 2000, D.C. Law 13-96, § 6, 47 DCR 1081; Mar. 2, 2007, D.C. Law 16-192, § 2012(a), 53 DCR 6899.)