D.C. Act 25-583. Reverse Mortgage Insurance and Tax Payment Program Extension Emergency Amendment Act of 2024.

AN ACT

To amend, on an emergency basis, the District of Columbia Housing Finance Agency Act to extend the District of Columbia Housing Finance Agency's Reverse Mortgage Insurance and Tax Payment Program, to include condominium fees and homeowner association fees as approved uses of the financial assistance provided by the program, and to give the District of Columbia Housing Finance Agency the discretion to issue greater assistance if necessary.

BE IT ENACTED BY THE COUNCIL DISTRICT OF COLUMBIA, That this act may be cited as the "Reverse Mortgage Insurance and Tax Payment Program Extension Emergency Amendment Act of 2024".

Sec. 2. Section 307a of the District of Columbia Housing Finance Agency Act, effective October 30, 2018 (D.C. Law 22-168; D.C. Official Code § 42-2703.07a), is amended as follows:

(a) Subsection (a) is amended as follows:

(1) Paragraph (1) is amended by striking the phrase "property taxes and property insurance debts" and inserting the phrase "property taxes, property insurance debts, condominium fees, and homeowner association fees" in its place.

(2) Paragraph (3) is repealed.

(b) Subsection (d) is amended by striking the number "25,000" and inserting the number "40,000" in its place.

(c) Subsection (e) is repealed.

(d) Subsection (f)(1) is amended as follows:

(1) Subparagraph (A) is amended by striking the phrase "pay property taxes or insurance premiums" and inserting the phrase "pay property taxes, insurance premiums, condominium fees, or homeowner association fees" in its place.

(2) Subparagraph (B) is amended by striking the phrase "balances of property taxes and insurance premiums" and inserting the phrase "balances of property taxes, insurance premiums, condominium fees, or homeowner association fees" in its place.

Sec. 3. Fiscal impact statement.

The Council adopts the fiscal impact statement of the Budget Director as the fiscal impact statement required by section 4a of the General Legislative Procedures Act of 1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).

Sec. 4. Effective date.

This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), and shall remain in effect for no longer than 90 days, as provided for emergency acts of the Council of the District of Columbia in section 412(a) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 788; D.C. Official Code § 1-204.12(a)).