D.C. Mun. Regs. tit. 14, r. 14-2502
The purchase price of the property shall not exceed by more than five percent (5%) the value of the property as established by a qualified independent appraiser.
In the case of a cooperative unit, the share price or other investment required shall not exceed by more than five percent (5%) the proportional value of that unit, calculated on a square basis, relative to the value of the entire property of the cooperative as established by a qualified independent appraisal.
If more than one appraisal is made on the property, the purchase price or cooperative unit cost shall not exceed by more than five percent (5%) the average of all appraisals by qualified independent appraisers within the six (6) months prior to the proposed sale.
The property shall meet the standards established in the Housing, Environmental, Building, Zoning, Plumbing, Electrical and Fire Codes regulations of the District of Columbia Municipal Regulations at the time of settlement on the property.
Settlement may be allowed on a property which does not fully meet code requirements, at that time, if a determination is made by DHCD that adequate, financially feasible provisions have been made by the buyer or the seller to correct all code defects or violations necessary to protect the health and safety of the occupants prior to occupancy of the property and not later than six months after the settlement.
Settlement is also subject to the federal and District lead safe housing regulations, including but not limited to, HUD Disclosure and Notice requirements and the EPA pamphlet; Visual Assessment; Paint Stabilization, if any required, use of Safe Work Practices and Clearance. Housing built after 1978 is exempt from these regulations. 24 CFR Part 35 Subpart K; DCMR Title 20, Chapter 8, Section 806 (1998).
The maximum first trust loan amount shall not exceed the conventional conforming loan limit.
D.C. Mun. Regs. tit. 14, r. 14-2502