(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.
1981 Ed., § 45-2585.
Expiration of Law
See Historical and Statutory Notes following § 42-3508.01.