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The DC Code: § 42-3508.05 Distressed property improvement plan.

Index42 Real Property. (Refs & Annos)
Upon petition by the housing provider, the Mayor may initiate the development of a distressed property improvement plan utilizing any or all of the mechanisms in § 42-3508.04(b). The development of the plan shall involve the participation of the housing provider, the tenants or tenants' association and may include the mortgagor.
A distressed property improvement plan may include, but not be limited to:
A schedule of repairs and capital improvements;
A schedule of services and facilities;
A schedule of rents and rent increases;
A schedule of mortgage payments which may reflect additional long-term loans to the housing provider for the housing accommodation;
A schedule of additional capital investment in the housing accommodation by the housing provider; and
A schedule of property tax payments, which may also reflect moratoria or deferrals on property tax payments and the abatement or deferral of up to 100% of any tax outstanding on the housing accommodation.
In the development of the distressed property improvement plan, the Mayor may consider:
The interests of tenants in achieving decent, safe, and sanitary housing at affordable rents;
The long-term interest of the housing provider in achieving a sound investment and a reasonable return on the housing provider's investment;
The long-term interest of the mortgagor in achieving a financially secure mortgage; and
The long-term interest of the District in achieving a decent, safe, and sanitary housing accommodation which is fiscally sound and which generates and pays its fair property tax assessment.

Historical and Statutory

Prior Codifications 1981 Ed., § 45-2585. Legislative History of Laws For legislative history of D.C. Law 6-10, see Historical and Statutory Notes following § 42-3501.01. Miscellaneous Notes Termination of Law 6-10: See Historical and Statutory Notes following § 42- 3508.01. DC CODE § 42-3508.05 Current through December 11, 2012


(July 17, 1985, D.C. Law 6-10, § 805, 32 DCR 3089.)