(a) Establishment of Fund. The Mayor's Nuisance Abatement Revolving Loan Fund is established as a category four fund to receive any legally available monies appropriated for this purpose. The monies to be deposited in the fund shall include, subject to any prior legally-binding obligations, principal repayments of loans made from the fund and fees and interest earnings generated by loans made from the Fund.
(b) Use of Fund. Expenditures from the fund shall be for the following purposes: (1) to provide loans to building owners to make repairs and improvements needed to abate violations of the Building, Electrical, Green Building, Housing, Mechanical, and Plumbing Codes; and (2) to pay for expenses incurred in the administration of such loans. Administrative expenses shall be appropriated through the annual budget process or supplemental appropriation for the Mayor's Office of Housing and Community Development ("MOHCD"), or its successor.
(c) Administration of Fund. MOHCD shall administer loan programs under the fund, and in such capacity shall: (1) service loan agreements; (2) receive payments for, and maintain current accounts of principal, interest, and fees relating to the loan agreements, and redeposit them into the fund; and, (3) allocate funds for administration associated with the operation of the fund, such funds being limited to interest earnings generated by loans, collection of fees and the proceeds of investments of unexpended cash balances from the fund.
MOHCD shall report annually to the Board of Supervisors on the current status of the fund, the amounts approved for disbursement, and the number and types of projects assisted.
The Director of MOHCD may, after a noticed public hearing, adopt rules and regulations for the loan program or programs and for the administration of the fund.
