| 8 | | - | A RESOLUTION |
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| 9 | | - | |
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| 10 | | - | 25-432 |
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| 11 | | - | |
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| 12 | | - | IN THE COUNCIL OF THE DISTRICT OF COLUMBIA |
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| 13 | | - | |
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| 14 | | - | March 5, 2024 |
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| 15 | | - | |
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| 16 | | - | To declare the existence of an emergency, due to congressional review, with respect to the |
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| 17 | | - | need to the need to amend the District of Columbia Housing Finance Agency Act to |
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| 18 | | - | extend the Reverse Mortgage Insurance and Tax Payment Program, to include |
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| 19 | | - | condominium fees and homeowners association fees as approved uses of the financial |
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| 20 | | - | assistance provided by the program, and to give the District of Columbia Housing |
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| 21 | | - | Finance Agency the discretion to issue greater assistance if necessary. |
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| 22 | | - | |
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| 23 | | - | RESOLVED, BY THE COUNCIL DISTRICT OF COLUMBIA, That this resolution |
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| 24 | | - | may be cited as the “Reverse Mortgage Insurance and Tax Payment Program Second |
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| 25 | | - | Extension Congressional Review Emergency Declaration Resolution of 2024”. |
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| 26 | | - | |
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| 27 | | - | Sec. 2. (a) The District of Columbia Housing Finance Agency’s Reverse Mortgage |
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| 28 | | - | Insurance and Tax Payment Program (“ReMIT”) was designed to allow qualified senior |
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| 29 | | - | homeowners to receive financial assistance for property taxes, property insurance debts, and |
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| 30 | | - | certain property related expenses that have put the homeowner at risk of foreclosure on a reverse |
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| 31 | | - | mortgage. |
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| 32 | | - | (b) Under this program, qualified homeowners can receive assistance in the form of a |
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| 33 | | - | zero-interest loan. The program was initiated as an 18-month pilot program in the Reverse |
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| 34 | | - | Mortgage Foreclosure Prevention Amendment Act of 2018, effective October 30, 2018 (D.C. |
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| 35 | | - | Law 22-168; D.C. Official Code § 42-2703.07a) and funded with $500,000 in Fiscal Year 2019. |
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| 36 | | - | The pilot program was expected to expire on October 27, 2021, but was extended by Council |
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| 37 | | - | action. |
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| 38 | | - | (c) The ReMIT pilot program successfully assisted 31 District senior households with |
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| 39 | | - | avoiding displacement, allowing the seniors to stay in their longtime residences. |
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| 40 | | - | (d) Councilmembers Anita Bonds and Robert C. White, Jr. introduced the permanent |
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| 41 | | - | Reverse Mortgage Foreclosure Prevention Program Amendment Act of 2023 on April3, 2023, |
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| 42 | | - | and a public hearing on that legislation was held on October 12, 2023. |
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| 43 | | - | (e) The Reverse Mortgage Insurance and Tax Payment Program Second Extension |
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| 44 | | - | Emergency Amendment Act of 2023 will expire on April 9, 2024, while the accompanying |
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| 45 | | - | temporary measure is not projected to become law until April 12, 2024, making congressional |
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| 46 | | - | review emergency legislation necessary to avoid a gap in the law. |
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| 47 | | - | (f) Continuing the ReMIT pilot program is important to ensure that eligible seniors can ENROLLED ORIGINAL |
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| 48 | | - | |
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| 49 | | - | |
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| 50 | | - | |
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| 51 | | - | |
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| 4 | + | _______________________________ 1 |
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| 5 | + | Councilmember Robert C. White, Jr. 2 |
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| 6 | + | 3 |
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| 7 | + | 4 |
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| 8 | + | 5 |
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| 9 | + | A PROPOSED RESOLUTION 6 |
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| 10 | + | ________ 7 |
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| 11 | + | 8 |
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| 12 | + | IN THE COUNCIL OF THE DISTRICT OF COLUMBIA 9 |
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| 13 | + | _________________ 10 |
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| 14 | + | 11 |
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| 15 | + | To declare the existence of an emergency, due to congressional review, regarding the need to 12 |
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| 16 | + | the need to amend the District of Columbia Housing Finance Agency Act to extend the 13 |
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| 17 | + | Reverse Mortgage Insurance and Tax Payment Program, to include condominium fees 14 |
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| 18 | + | and homeowners association fees as approved uses of the financial assistance provided 15 |
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| 19 | + | by the program, and to give the District of Columbia Housing Finance Agency the 16 |
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| 20 | + | discretion to issue greater assistance if necessary. 17 |
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| 21 | + | 18 |
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| 22 | + | RESOLVED, BY THE COUNCIL DISTRICT OF COLUMBIA, That this resolution 19 |
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| 23 | + | may be cited as the “Reverse Mortgage Insurance and Tax Payment Program Second 20 |
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| 24 | + | Extension Congressional Review Emergency Declaration Resolution of 2024”. 21 |
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| 25 | + | Sec. 2. (a) The District of Columbia Housing Finance Agency’s (“DCHFA”) Reverse 22 |
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| 26 | + | Mortgage Insurance and Tax Payment Program (“ReMIT”) was designed to allow qualified 23 |
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| 27 | + | senior homeowners to receive financial assistance for property taxes , property insurance debts 24 |
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| 28 | + | and certain property related expenses that have put the homeowner at risk of foreclosure on a 25 |
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| 29 | + | reverse mortgage. 26 |
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| 30 | + | (b) Under this program, qualified homeowners can receive assistance in the form of a 27 |
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| 31 | + | zero-interest loan. The program was initiated as an 18-month pilot program in the Reverse 28 |
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| 32 | + | Mortgage Foreclosure Prevention Amendment Act of 2018, effective October 30, 2018 (D.C. 29 |
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| 33 | + | Law 22-168; D.C. Official Code § 42- 2703.07a) and funded with $500,000 in Fiscal Year 2019. 30 |
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| 34 | + | The pilot program was expected to expire on October 27, 2021, but was extended by Council 31 |
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| 54 | | - | receive the assistance they need to remain in their homes while the Council finishes |
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| 55 | | - | consideration of the permanent legislation. |
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| 56 | | - | |
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| 57 | | - | Sec. 3. The Council determines that the circumstances enumerated in section 2 |
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| 58 | | - | constitute emergency circumstances making it necessary that the Reverse Mortgage Insurance |
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| 59 | | - | and Tax Payment Second Extension Congressional Review Emergency Amendment Act of |
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| 60 | | - | 2024 be adopted after single reading. |
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| 61 | | - | |
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| 62 | | - | Sec. 4. This resolution shall take effect immediately. |
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| 37 | + | action. 32 |
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| 38 | + | (c) The ReMIT pilot program successfully assisted 31 District senior households with 33 |
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| 39 | + | avoiding displacement, allowing the seniors to stay in their longtime residences. 34 |
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| 40 | + | (d) Councilmembers Anita Bonds and Robert C. White, Jr. introduced the permanent 35 |
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| 41 | + | Reverse Mortgage Foreclosure Prevention Program Amendment Act of 2023 on April 3 |
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| 42 | + | rd |
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| 43 | + | , 2023, 36 |
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| 44 | + | and a public hearing on that legislation was held on October 12, 2023. 37 |
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| 45 | + | (g) The Reverse Mortgage Insurance and Tax Payment Program Second Extension 38 |
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| 46 | + | Emergency Amendment Act of 2023 will expire on April 9 |
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| 47 | + | th |
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| 48 | + | , 2024, while the accompanying 39 |
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| 49 | + | temporary measure is not projected to become law until April 12 |
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| 50 | + | th |
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| 51 | + | , 2024, making congressional 40 |
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| 52 | + | review emergency legislation necessary to avoid a gap in the law. 41 |
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| 53 | + | (f) Continuing the ReMIT pilot program is important to ensure that eligible seniors can 42 |
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| 54 | + | receive the assistance they need to remain in their homes while the Council finishes 43 |
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| 55 | + | consideration of the permanent legislation. 44 |
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| 56 | + | Sec. 3. The Council of the District of Columbia determines that the circumstances 45 |
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| 57 | + | enumerated in section 2 constitute emergency circumstances making it necessary that the 46 |
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| 58 | + | Reverse Mortgage Insurance and Tax Payment Second Extension Congressional Review 47 |
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| 59 | + | Emergency Amendment Act of 2024 be adopted after single reading. 48 |
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| 60 | + | Sec. 4. This resolution shall take effect immediately. 49 |
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