Lower income homeownership households — Qualifications.

(a)In order to qualify as a lower income homeownership…#

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Lower income homeownership households — Qualifications.

(a)In order to qualify as a lower income homeownership…#

(a) In order to qualify as a lower income homeownership household in the District of Columbia, a lower income household must meet the following conditions:

(1) The income of the household shall not be in excess of 120% of the lower income guidelines established pursuant to 42 U.S.C. § 1437f, for the Washington Standard Metropolitan Statistical Area (SMSA), as the median is determined by the United States Department of Housing and Urban Development and adjusted yearly by historic trends of that median, and as further may be adjusted by an interim census of District of Columbia incomes by local or regional government agencies; and

(2) The household shall occupy the unit and shall either:

(A) Become an owner in fee simple; or

(B) Receive, pursuant to a shared equity financing agreement which complies with the requirements of 26 U.S.C. § 280A(d)(3), at least a 5% qualified ownership interest, the right to occupy the unit, and an option to purchase the remaining ownership interest at a specified later date.

(b)Notwithstanding the requirements of subsection (a) of…#

(b) Notwithstanding the requirements of subsection (a) of this section, a household may qualify as a lower income household in the District of Columbia if it meets each of the following requirements:

(1) The household occupies a residential property including a single-family home, condominium, or cooperative, located in an economic development zone approved pursuant to § 6-1501 ;

(2) The property is the principal place of residence of its owner;

(3) The property is owned in fee simple, or the equivalent with respect to occupancy rights in a cooperative, by a first time home buyer; and

(4) The household income does not exceed 110% of the area median income guidelines established pursuant to § 42-2604 .

(c)This chapter shall not apply if the fair market value…#

(c) This chapter shall not apply if the fair market value of the unit or residential property exceeds 80% of the median sale price for homes within the District of Columbia in the prior year as of the date that the application for exemption is filed, unless the unit or residential property is a for-sale unit constructed pursuant to [ subchapter I of Chapter 28 of Title 42 ( § 42-2801 et seq.)] that remains affordable for 180 months or a longer period selected by the developer, in accordance with section 2218 of Title 14 of the District of Columbia Municipal Regulations (14 DCMR § 2218), then this chapter shall apply.