D.C. Mun. Regs. tit. 27, r. 27-847

Current through Register Vol. 71, No. 50, December 13, 2024

Rule 27-847 - EQUITY OR DEVELOPMENT PARTICIPATION LOSS OF CERTIFICATION

847.1

If an Equity Participant or Development Participant loses its certified business enterprise ("CBE") certification, or an individual no longer qualifies to be an Equity Participant, during the course of a Covered Project, and the loss of certification or qualification results in the Covered Project failing to meet the minimum Equity Participation or Development Participation requirements under Section 2349a of the Act (D.C. Official Code § 2-218.49 a), the Department will evaluate whether another Equity Participant or Development Participant can participate in the Covered Project without causing any detriment to the overall project or the lead developer, so that the 20% Equity Participation and 20% Development Participation requirements are met.

Final Rulemaking published at 56 DCR 8439 (October 23, 2009), incorporating by reference text of Proposed Rulemaking published at 56 DCR 5622, 5653 (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.