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Current as of January 01, 2024 | Updated by FindLaw Staff
(a) There is hereby established a lapsing fund known as the Low-Income Housing Tax Credit Fund (“Fund”). All monies received shall be used for the uses and purposes set forth in this chapter, subject to authorization by the Council and Congress. Any unexpended monies in the Fund shall revert to the unrestricted fund balance of the General Fund of the District of Columbia.
(b) Money in the Fund shall be expended by the Department only for administrative costs and for the audit required under subsection (c) of this section.
(c) All income and expenses of the Fund shall be audited annually by the Mayor. The audit report shall be submitted to the Council. The expenses for each audit shall be paid by the Fund.
Cite this article: FindLaw.com - District of Columbia Code Division VII. Property. § 42-2853.02. Low-Income Housing Tax Credit Fund. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-vii-property/dc-code-sect-42-2853-02/
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 or via Westlaw before relying on it for your legal needs.
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