District of Columbia Community Development and Finance Corporation Act

(LATEST SUMMARY)

District of Columbia Community Development and Finance Corporation Act - =Title I: General Provisions= - Expresses the findings of Congress and the purposes of this Act. Defines the terms used in this Act.

Creates the District of Columbia Community Development and Finance Corporation, an instrumentality of the D.C. government, and establishes a board of directors for such Corporation.

=Title II: Powers of the Corporation= - Enumerates twenty-seven powers of the Corporation, including to invest funds, engage consultants, provide loans to the D.C. government, acquire property, and manage projects.

Directs the Corporation to prepare an annual program of activities, projects and budgets to achieve comprehensive planning and community objectives adopted by the D.C. government. Details the procedures for the approval of such program by the Mayor and the Council of the District of Columbia.

Provides for the compliance, in the execution of all projects, with local zoning and building laws and regulations.

Empowers the Corporation to sell, transfer or lease a project, or portion of, by resolution of an absolute majority of the board of directors whenever it finds such sale, transfer, or lease furthers the purposes of this Act.

States that the Corporation may not commence activities pursuant to any approved project plan unless and until adequate provision is made for the relocation in decent, safe, and sanitary housing of all persons who will be displaced by the implementation of a proposed project.

Sets forth the terms for the award of contracts.

=Title III: Finances of the Corporation= - Provides that the Corporation shall have the power to meet any project cost through: (1) the expenditure of funds appropriated by the Congress; (2) through the expenditure of the proceeds fo any government loan; (3) through the issuance of bonds, notes, or other evidences of indebtedness for that purpose; and (4) from any other funds, public or private, which may be available to the Corporation.

Authorizes the Corporation to issue bonds and notes in an aggregate amount of not to exceed $75,000,000, excluding bonds and notes issued to refund outstanding bonds and notes. Sets forth the form and procedures for the sale of bonds and for the refunding of bonds.

States that the District of Columbia and the United States pledge to and agree with the holders of any bonds issued under this Act, that the District of Columbia government and the United States Government will not limit the rights vested in the Corporation to fulfill the terms of any agreements made with the bondholders, or in any way impair the rights and remedies of such bondholders until such bonds, together with the interest, are fully met and discharged.

Authorizes to be appropriated out of money in the Treasury of the United States credited to the District of Columbia the sum of $5,000,000, which sum shall be placed to the credit of a special trust fund to be established for the aforementioned purposes of this Act. States that the special trust fund may be used by the Corporation to enable it to commence operations and shall be repaid to the Treasury of the United States within five years after the date of enactment of this Act.

Prohibits the Corporation from undertaking any project unless such project has been submitted to, and approved by, the Committees on Appropriations of the House of Representatives and the Senate.