Preventing Foreclosures

COUNCIL OF THE DISTRICT OF COLUMBIA

OFFICE OF COUNCILMEMBER ANITA BONDS    

 

COUNCIL APPROVES BILL TO PREVENT FORECLOSURES

TOPA, Cooperative Legislation also Introduced.  

WASHINGTON, DC – Yesterday, during their twenty fifth legislative meeting, the Council of the District of Columbia approved emergency legislation to prevent foreclosures against senior homeowners. 

The Reverse Mortgage Insurance and Tax Payment Program (ReMIT) Emergency Amendment Act of 2020 will extend the ReMIT assistance program for seniors who are facing foreclosure on a reverse mortgage. ReMIT was initiated as a pilot program in 2018 to provide financial assistance to senior homeowners facing foreclosure.  

“ReMIT has successfully saved many senior households from foreclosure over the past 12 months and this extension of an additional 6-months will allow even more seniors to age in place,” stated Councilmember Bonds at introduction. The legislation passed unanimously.  

Councilmember Bonds also introduced the TOPA Reporting Amendment Act of 2020 which will require the Mayor to publish weekly, monthly, and annual reports of TOPA related information. The Tenant Opportunity to Purchase Act (TOPA) provides tenants the first right to purchase their building and this legislation will ensure that new TOPA offers are timely listed on the Department of Housing and Community Development’s website allowing community benefits organizations to quickly organize tenants to exercise their TOPA rights.  

Additionally, Councilmember Bonds introduced the Limited Equity Cooperative Advisory Council Act of 2020 which will establish a Limited Equity Cooperative Advisory Council to provide continuous comprehensive policy recommendations to improve existing limited‐equity cooperatives (“LEC”) and the Limited Equity Cooperative Property Tax Assistance Amendment Act of 2020 which will make permanent the current 5‐year income‐restricted (at 120% AMI) housing cooperative property tax abatement if at least 50% of a cooperative earns less than 80% AMI. 

The Councilmember also co-introduced Councilmember Vince Gray’s bill creating a dedicated tax stream of revenue to fund the Birth-to-Three for All D.C. Amendment Act of 2018 and the Metro for D.C. Amendment Act of 2020 with Councilmember Charles Allen.