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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) In addition to the assistance provided in § 42-2504(b-1) and § 42-2505, the Department shall make available a grant of up to $10,000 to provide financial assistance for the purchase of a housing unit to each first-responder or educator who is a Participant.
(b) In order to receive financial assistance for the purchase of a housing unit under this section, a first-responder or educator Participant must agree to a 5-year service obligation, which shall begin at the date of settlement on the purchase of the housing unit, or, if the first-responder or educator Participant is not yet a District employee or employee of a District public charter school on the date of settlement, on the first-responder's or educator’s first day of employment with the District or with a District public charter school.
(c) The grant shall convert into a loan to be repaid by the Participant if:
(1) Within 5 years after the date of settlement on the purchase of the housing unit, the housing unit is sold, transferred, or ceases to be the principal residence of the first-responder or educator Participant; or
(2) The first-responder or educator Participant does not complete the 5-year service obligation required by subsection (b) of this section.
(d) For the purposes of this section, the term “service obligation” means employment as a first-responder or educator.
Cite this article: FindLaw.com - District of Columbia Code Division VII. Property. § 42-2505. First-responder or educator grant. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-vii-property/dc-code-sect-42-2505-01/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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