D.C. Law 25-150. Home Purchase Assistance Program Protection Temporary Amendment Act of 2024.

AN ACT

To amend, on a temporary basis, the Home Purchase Assistance Fund Act of 1978 to remove new restrictions that are preventing prospective homeowners from using Home Purchase Assistance Program funding.

BE IT ENACTED BY THE COUNCIL DISTRICT OF COLUMBIA, That this act may be cited as the "Home Purchase Assistance Program Protection Temporary Amendment Act of 2024".

Sec. 2. Section 3a(a) of the Home Purchase Assistance Fund Act of 1978, effective July 1, 2016 (D.C. Law 21-139; D.C. Official Code § 42-2602.01(a)), is amended by adding a new paragraph (3) to read as follows:

"(3) Any applicant who received a notice of eligibility for the Program before October 11, 2023, and has not already received a loan, shall be eligible to receive loans that exceed 30% of the purchase price of a property or that exceed the amount of the first trust mortgage.".

Sec. 3. Fiscal impact statement.

The Council adopts the fiscal impact statement of the Budget Director as the fiscal impact statement required by section 4a of the General Legislative Procedures Act of 1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).

Sec. 4. Effective date.

(a) This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), a 30-day period of congressional review as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Official Code § 1-206.02(c)(1)), and publication in the District of Columbia Register.