D.C. Mun. Regs. r. 27-839

Current through Register Vol. 71, No. 24, June 14, 2024

Rule 27-839 - EQUITY AND DEVELOPMENT PARTICIPATION REQUIREMENTS

839.1

The Equity Participant(s) shall receive a return on investment in a Covered Project that is pari passu with all other sources of Sponsor Equity.

839.2

The Equity Participation shall be maintained for the duration of the Covered Project. Completion of the Covered Project shall be measured by the issuance of one or more certificates of occupancy, certifications of completion, or other documents evidencing completion as determined by the Department.

839.3

Pursuant to Section 2349a(b) of the Act (D.C. Official Code § 2-218.49 a(b)), the Department shall measure the Development Participation in addition to the general SBE subcontracting requirements of Section 2346 of the Act (D.C. Official Code § 2-218.46). The Development Participation shall not be used to satisfy the general SBE subcontracting requirements of Section 2346 of the Act.

839.4

The Department may require a beneficiary of a development project that is subject to Section 2349a(b) of the Act to submit a form, provided by the Department, to calculate and track the Development Participation.

D.C. Mun. Regs. r. 27-839

Final Rulemaking published at 39 DCR 9052 (December 4, 1992); as amended by Final Rulemaking published at 56 DCR 8439 (October 23, 2009), incorporating by reference text of Proposed Rulemaking published at 56 DCR 5622, 5650 (July 10, 2009); amended by Final Rulemaking published at 70 DCR 10970 (8/11/2023)

Authority: Section 2372 of the Small, Local, and Disadvantaged Business Enterprise Development and Assistance Act of 2005 (Act), effective October 20, 2005 (D.C. Law 16-33; D.C. Official Code § 2-218.72 )(2009 Supp.) and Mayor's Order 2009-58, dated April 15, 2009.