§ 2–1225.21. Economic Development Special Account.
*NOTE: This section includes amendments by temporary legislation that will expire on March 1, 2024. To view the text of this section after the expiration of all emergency and temporary legislation, click this link: Permanent Version.*
(a) There is established as a nonlapsing fund the Economic Development Special Account (“Account”), which shall be used solely for the purposes set forth in this section.
(b)(1) Deposits into the Account shall include:
(A) All operating funds transferred from the Anacostia Waterfront Corporation Enterprise Fund, established by § 2-1223.14 [repealed];
(B) All operating funds transferred from the National Capital Revitalization Corporation Enterprise Fund, established by § 2-1219.08 [repealed];
(C) All fees, revenues, and other income from real property or other assets formerly under the authority of the National Capital Revitalization Corporation (“NCRC”) or the Anacostia Waterfront Corporation (“AWC”), or any of their subsidiaries, which include the RLA Revitalization Corporation, Southwest Waterfront Development Corporation, Southwest Waterfront Holdings Corporation, and Economic Development Finance Corporation;
(D) Funds authorized by an act of Congress, reprogramming, or intra- District transfer to be deposited into the Account;
(E) Any other monies designated by law to be deposited into the Account; and
(F) Interest on money deposited in the Account.
(2) Funds deposited into the Account pursuant to this subsection shall be maintained in segregated sub-accounts associated with each revenue source as the Chief Financial Officer determines necessary.
(3) The funds deposited into the Account, and any interest earned on those funds, shall not revert to the unrestricted fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time, but shall be continually available for the uses and purposes set forth in subsections (c) and (d) of this section without regard to fiscal year limitation, subject to authorization by Congress.
(c) Monies credited to the Account shall be allocated annually to the Office of the Deputy Mayor for Planning and Economic Development in an aggregate amount that is equal to the total deposits and earnings that are estimated to remain unspent in the Account at the end of the preceding fiscal year plus all deposits and earnings that are estimated to be received during the fiscal year for which the allocation is made.
(d) Monies may be used to pay the costs of operating and administering properties and programs under the authority of the Deputy Mayor for Planning and Economic Development, including properties and programs formerly operated and administered by the NCRC and the AWC, to provide economic development assistance, including the provision of grants, loans, and credit support or enhancement, and to implement other programs, projects, and initiatives that:
(1) Are consistent with and in furtherance of the economic development goals or activities of the District;
(2) Further meeting the requirements of providing jobs for District residents, creating affordable housing, and restoring the District’s waterways pursuant to subchapter XIV of this chapter [§ 2-1226.01 et seq.];
(3) Support the development of a workforce intermediary pursuant to § 2-1226.03 or
(d-1) In Fiscal Year 2017 and each fiscal year thereafter, up to $3 million in monies credited to the Account may be used to fund real property tax rebates under D.C. Official Code § 47-4665.
(d-2) Monies credited to the Account may be used to provide grants authorized by § 1-328.04(j) and (k).
(d-3) Moneys credited to the Account may be used to provide grants authorized by § 1-328.04(ee) and (ff).
(e)(1) Fees, revenue, and other income that otherwise would be deposited into the Account under this section but that are subject to Community Development Block Grant regulations shall be deposited into a segregated sub-account designated for Community Development Block Grant funds and shall be subject to applicable reporting to the United States Department of Housing and Urban Development.
(2) The funds in the segregated sub-account shall be included as a segregated line item in the budget of the Department of Housing and Community Development that the Mayor is required to submit to the Council pursuant to § 1-204.42, and shall be designated for use by the Deputy Mayor for Planning and Economic Development, consistent with the requirements of the Community Development Block Grant Program.