Has the District met with the lending community to ascertain its response to IZ foreclosure rules?
The IZ covenant is drafted to follow FannieMae guidelines for survivorability of foreclosure. The District is currently working with the lending community on outreach to educate them on use of the covenants. The administrative rulemaking suggests that its provisions may be more stringent than the zoning regulations or underlying IZ legislation. Please explain. The administrative rules state in the event of a conflict between the zoning regulationss, the Act, or the administrative regulationss, the most restrictive shall apply. Will developers of condominiums be able to collect condo fee increases and special fee assessments from IZ purchasers? If not, is that not a violation of the DC Condominium Act which requires that all units pay for common expenses proportionate to their ownership interests? The District encourages the use of some form of par value to assess condominium fees, but once condominium fees are approved by the District, the fees may be increased proportional to the owne
