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District of Columbia Code Division I. Government of District. § 2-1210.07. Limitations on District's contribution to reserve account.

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

(a) The Mayor shall not deposit more than 10% of the total funds deposited in the Capital Access Fund into reserve accounts for capital access loans requiring a 200% match under § 2-1210.06(d)(3). The 10% limitation under this subsection may be waived at the discretion of the Mayor upon a finding that the total amount of funds deposited in the Capital Access Fund by the District shall result in at least $10 of enrolled loans by financial institutions for each dollar deposited by the District.

(b) The amount deposited by the Mayor into a reserve account for any single loan recipient shall not exceed $400,000 during a 3-year period.

(c) The maximum amount that the Mayor may deposit into a reserve account for each enrolled loan made under this subchapter shall be the greater of $35,000 or an amount equal to:

(1) Fourteen percent of the enrolled loan amount if:

(A) The borrower is financing an enterprise project or is located in, or financing a project, activity, or enterprise in, an area in the District of Columbia Enterprise Zone under section 1400 of the Internal Revenue Code of 1986, approved August 5, 1997 (111 Stat. 863; 26 U.S.C. § 1400); or

(B) The financial institution is a community development financial institution, as defined in section 103(5) of the Riegle Community Development and Regulatory Improvement Act of 1994, approved September 23, 1994 (108 Stat. 2163; 12 U.S.C. § 4702(5)); or

(2) Seven percent of the loan amount for any other borrower.

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Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 2-1210.07. Limitations on District's contribution to reserve account. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-2-1210-07/

Read this complete District of Columbia Code Division I. Government of District. § 2-1210.07. Limitations on District's contribution to reserve account. on Westlaw

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