§ 42–2505. Deferred payment loan.

(a) In addition to the assistance provided in § 42-2504(b) or (b-1) and § 42-2505.01, the Department shall make available to each Participant a deferred loan of up to $20,000 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.

(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.

(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; Dec. 13, 2017, D.C. Law 22-33, § 2012(e), 64 DCR 7652.)

Section References

This section is referenced in § 42-2506.

Effect of Amendments

D.C. Law 16-192, in subsec. (d), substituted “may” for “may not”.

Emergency Legislation

For temporary (90 days) amendment of this section, see § 2012(e) of Fiscal Year 2018 Budget Support Congressional Review Emergency Act of 2017 (D.C. Act 22-167, Oct. 24, 2017, 64 DCR 10802).

For temporary (90 days) amendment of this section, see § 2012(e) of Fiscal Year 2018 Budget Support Emergency Act of 2017 (D.C. Act 22-104, July 20, 2017, 64 DCR 7032).

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).

Short Title

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”.