(1) “Administrative costs” means the costs of the Department to administer, manage, and monitor the low-income housing tax credit program, including personnel costs, whether incurred before or after April 8, 2005.
(2) “Department” means the Department of Housing and Community Development.
(3) “Developer” means a person or entity that proposes to cause the construction affordable housing using tax credits provided under the Low-Income Housing Tax Credit Program.
(4) “Fund” means the Low-Income Housing Tax Credit Fund established by § 42-2853.02.
(5) “Low-Income Housing Tax Credit Program” means the program authorized by section 42 of the Internal Revenue Code [26 U.S.C. § 42].
(6) “User fee” means a fee charged by the Department to a developer in connection with the Low-Income Housing Tax Credit Program, including application, reservation, allocation, and monitoring fees.
§ 42–2853.02. Low-Income Housing Tax Credit Fund.
(a) There is hereby established a lapsing fund known as the Low-Income Housing Tax Credit Fund (“Fund”). All monies received shall be used for the uses and purposes set forth in this chapter, subject to authorization by the Council and Congress. Any unexpended monies in the Fund shall revert to the unrestricted fund balance of the General Fund of the District of Columbia.
(b) Money in the Fund shall be expended by the Department only for administrative costs and for the audit required under subsection (c) of this section.
(c) All income and expenses of the Fund shall be audited annually by the Mayor. The audit report shall be submitted to the Council. The expenses for each audit shall be paid by the Fund.
