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District of Columbia Code Division I. Government of District. § 10-834. Subsidies.

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) The Mayor may offer a subsidy as part of the RFP for the disposition of a bundle of property to:

(1) Attain a clearly stated affordability component; or

(2) Make feasible the rehabilitation and resale or rental of the property at market price.

(b) If the Mayor offers a subsidy as part of an RFP, the subsidy shall be stated as a maximum available amount. The amount of subsidy requested and the affordability levels achieved shall be weighed when determining the points awarded to an offeror.

(c) There is established, under the authority of the Mayor, a designated and nonlapsing account into which proceeds from the sale of bundled properties may be deposited, which shall remain available until expended and the balance of which shall not exceed one million dollars, that shall be used to:

(1) Finance or subsidize the sale of other bundled properties; and

(2) Acquire additional parcels of property.

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Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 10-834. Subsidies. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-10-834/

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