Housing Finance Agency Amendment Actof 2001Bill 14-345

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(f) Paragraphs (A) and (B) of D.C. Code § 42-2703.01(1 S) are repealed.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

"(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.