2204.1 The proposed Inclusionary Development Covenant submitted in accordance with § 2202.4(i) shall bind all persons with a property interest in any or all of the Inclusionary Development, and all assignees, mortgagees, purchasers, and other successors in interest, to such declarations as the Department of Housing and Community Development may require, but, at a minimum, shall include:

(a) A provision requiring that the present and all future Owners of a Rental Inclusionary Development shall construct or maintain and reserve Inclusionary Units at such affordability levels and in such number, square footage, and comparable level of finish as indicated on the Certificate of Inclusionary Zoning Compliance and shall rent such Inclusionary Units in accordance with the Inclusionary Zoning Program and the Certificate of Inclusionary Zoning Compliance;

(b) A provision requiring that the present and all future Owners of a For Sale Inclusionary Development shall construct and maintain Inclusionary Units at such affordability levels and in such number, and square footage as indicated on the Certificate of Inclusionary Zoning Compliance and shall sell each Inclusionary Unit in accordance with the Inclusionary Zoning Program and the Certificate of Inclusionary Zoning Compliance;

(c) A provision binding all assignees, mortgagees, purchasers, and other successors in interest to the Inclusionary Development Covenant; and

(d) A provision providing for the release or extinguishment of the Inclusionary Development Covenant if the District revokes or rescinds the building permit, the building permit expires, or the Inclusionary Development Owner relinquishes its right to construct under the building permit; and

(e) A provision requiring that the sale or resale of an Inclusionary Unit shall be only to:

(1) A Household selected by the Department of Housing and Community Development or otherwise authorized by this Chapter, at a price that does not exceed the Maximum Resale Price established in accordance with § 2218; or

(2) A housing provider designated by the Department of Housing and Community Development pursuant to § 2221 at a price equal to or greater than the Maximum Resale Price, as may be

agreed to by the Inclusionary Unit Owner and the designated housing provider.

2204.2 The Department of Housing and Community Development may require, in its sole discretion, the use of a deed of trust to ensure compliance by an Inclusionary Development Owner with the Inclusionary Development Covenant.

SOURCE: As amended by Final Rulemaking published at 56 DCR 3907 (May 15, 2009).