- (a) For each loan issued under this chapter, the Mayor shall arrange a repayment schedule for which the repayment shall not create an economic hardship on the senior citizen homeowner receiving the loan. Loan repayment may be deferred to avoid economic hardship.
- (b) The loans granted under this chapter shall be recorded as a lien against the principal place of residence of the applicant.
- (c) If the loan is not fully repaid prior to the death of the senior citizen homeowner who accepted a loan under this chapter, the District may collect the unsatisfied amount from the decedent’s estate.
History
Mar. 24, 1988, D.C. Law 7-96, § 6, 35 DCR 891
Prior Codifications
1981 Ed., § 45-3005.