District of Columbia Code Division VII. Property. § 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.

(c) Deferred payment loans may be secured by a second deed of trust on the subject property.

(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.