arcnav.gif (3459 bytes)

Back to legislation introduced in Council period 14

Housing Finance Agency Amendment Act of 2001
Bill 14-345

DC Watch Home

Council Period 12

Council Period 13

Council Period 14

Council Period 15

Election 1998

Election 2000

Election 2002

themail

Search DCWatch

Chairman Linda W. Cropp request of the District of Columbia Housing Finance Agency

A BILL IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

Councilmember Cropp introduced the following bill, which was referred to the Committee on Economic Development.

To amend the District of Columbia Housing Finance Agency Act with respect to the powers and authority of the District of Columbia Housing Finance Agency ("Agency").

BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "Housing Finance Agency Amendment Act of 2001 ".

Sec. 2. The District of Columbia Housing Finance Agency Act, effective March 3, 1979 (D.C. Law 2-135, D.C. Code § 42-2701, et seq.) is amended as follows:

(a) Section 102 (D.C. Code § 42-2701.02) is amended by striking paragraph 15 and inserting the following definition:

"Mortgage lender" means such entity as defined in D.C. Code § 26-1101, et seq., as amended, and deemed eligible by the Agency to participate in any of its programs."

(b) Section 206 (D.C. Code § 42-2702.06) is amended by striking the phrase "are made" after the phrase "State or Local Government Loans" and inserting in its place ", or Supportive Programs".

(c) Section 301 (D.C. Code § 42-2703.01), subsection (4) is amended to read as follows:

"(4) To acquire by purchase or otherwise, sell, construct, lease, improve, rehabilitate, repair and otherwise maintain an office or offices at such places within the District of Columbia as the Agency shall from time to time designate and to issue bonds, or otherwise provide financing for such offices;".

(d) Section 301 (D.C. Code §42-2703.01), subsection (6) is amended by adding after the phrase "duties under this chapter" the phrase "and for or relating to the development, construction, rehabilitation, improvement, maintenance, repair, operation, and management of housing projects;".

(e) Section 301 (D.C. Code § 42-2703.01), subsection (15) is amended by inserting the phrase "acquire by purchase or otherwise," before the word "own", by inserting the word "construct" after the word "clear", and by inserting the word "improve" after the word "rehabilitate", and by striking the phrase "property if:" and inserting "property;" in its place.

(f) Paragraphs (A) and (B) of D.C. Code § 42-2703.01(1 S) are repealed.

(g) Section 301 (D.C. Code § 42-2703.01) is amended by redesignating subsection (21) as subsection (25), and adding the following new subsections:

"(21) Establish funds and reserves to provide additional security for loans provided for housing projects;

"(22) Enter into such contracts with government agencies as the Agency deems appropriate for housing projects;"

"(23) Establish nonprofit and for-profit corporations, partnerships, limited liability companies, business trusts, and any other legal entities to act in furtherance of its general powers or purposes;"

"(24) Establish such Supportive Programs as provided in this chapter;".

(h) Section 305 (D.C. Code § 42=2703.05) of the Act is amended as follows:

(1 ) Designate the existing text as subsection (a).

(2) Add a new subsection (b) to read as follows:

"(b) The Agency may establish, administer or contract for the administration of any program that involves providing loans or other financial assistance directly by the Agency or by an entity established by the Agency under this chapter or indirectly through an Agency-approved financial institution, to persons residing or located within any state as defined in §103 of the Internal Revenue Code of 1986, or its successor provisions, which loan or other financial assistance is eligible for, or made in conjunction with the provision of, mortgage insurance under any program of the Department of Housing and Urban Development or meets the guidelines established by Fannie Mae, the Federal Home Loan Mortgage Corporation, the Department of Veterans Affairs or the Rural Development Agency, and which loan or other financial assistance will result in the generation of revenues that will benefit programs authorized under this chapter.

(i) Section 410 (D.C. Code § 42-2704.10), subsection (a) is amended by inserting the phrase "or of any entity established by the Agency pursuant to Section 42-2703.01(23)" after the phrase "of the Agency".

Sec. 3. The Council adopts the fiscal impact statement in the committee report as the fiscal impact statement required by section 602(c)(3) of the District of Columbia Home Rule Act, approved December 24, 1973 (84 Stat. 813; D.C. Code §1-233(c)(3)).

Sec. 4. This act shall take effect following approval by the Mayor (or in the event of a veto by the Mayor, action by the Council to override the veto), a 30-day period of Congressional review as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Code §1-233(c)(1)), and publication in the District of Columbia Register.

Back to top of page


Send mail with questions or comments to webmaster@dcwatch.com
Web site copyright ©DCWatch (ISSN 1546-4296)