(a) Assistance available pursuant to this subchapter is limited to a one-time loan of up to $15,000 with a maximum 20-year amortized term.
(b) The interest rate shall be 3%, unless otherwise provided by the Mayor by rulemaking.
(c) The Mayor shall establish underwriting guidelines, including loan amounts and repayment terms, by rulemaking.
CREDIT(S)
(Apr. 27, 1999, D.C. Law 12-266, § 5, 46 DCR 948; Apr. 12, 2000, D.C. Law 13-91, § 155, 47 DCR 520.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 45-2214.
Effect of Amendments
D.C. Law 13-91 validated a previously made technical amendment in subsec. (a).
Legislative History of Laws
For legislative history of D.C. Law 12-266, see Historical and Statutory Notes following § 42-2621.
Law 13-91, the “Technical Amendments Act of 1999,” was introduced in Council and assigned Bill No. 13-435, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on November 2, 1999, and December 7, 1999, respectively. Signed by the Mayor on December 29, 1999, it was assigned Act No. 13-234 and transmitted to both Houses of Congress for its review. D.C. Law 13-91 became effective on April 12, 2000.