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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) Upon petition by the housing provider, the Mayor may initiate the development of a distressed property improvement plan utilizing any or all of the mechanisms in § 42-3508.04(b). The development of the plan shall involve the participation of the housing provider, the tenants or tenants' association and may include the mortgagor.
(b) A distressed property improvement plan may include, but not be limited to:
(1) A schedule of repairs and capital improvements;
(2) A schedule of services and facilities;
(3) A schedule of rents and rent increases;
(4) A schedule of mortgage payments which may reflect additional long-term loans to the housing provider for the housing accommodation;
(5) A schedule of additional capital investment in the housing accommodation by the housing provider; and
(6) A schedule of property tax payments, which may also reflect moratoria or deferrals on property tax payments and the abatement or deferral of up to 100% of any tax outstanding on the housing accommodation.
(c) In the development of the distressed property improvement plan, the Mayor may consider:
(1) The interests of tenants in achieving decent, safe, and sanitary housing at affordable rents;
(2) The long-term interest of the housing provider in achieving a sound investment and a reasonable return on the housing provider's investment;
(3) The long-term interest of the mortgagor in achieving a financially secure mortgage; and
(4) The long-term interest of the District in achieving a decent, safe, and sanitary housing accommodation which is fiscally sound and which generates and pays its fair property tax assessment.
Cite this article: FindLaw.com - District of Columbia Code Division VII. Property. § 42-3508.05. Distressed property improvement plan. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-vii-property/dc-code-sect-42-3508-05/
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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