Eligibility.

An applicant shall be eligible for the Home Purchase Assistance Step Up Program if the applicant: Is a District of Columbia resident; Is the head of the household and will occupy the property to be purchased with assistance from the program as his or her primary residence; Has a satisfactory credit rating as shall be defined by rules deemed necessary to carry out the purposes of this subchapter; Has adequate income to qualify for a mortgage from a private lender; Has sold or otherwise disposed of all interests in any other real property before the closing of any loan under this subchapter; Has insufficient assets to pay the down payment or reasonable closing costs, or both, without assistance from this program; Would have liquid assets not exceeding the limit established by the Mayor by rulemaking, after purchasing property under this subchapter or through this program; and Meets qualifying income levels as provided by regulation. Property shall be eligible for the Home Purchase Assistance Step Up Program if the property: Is an existing single family residence in the District of Columbia; Meets the requirements of the Construction Codes promulgated pursuant to the Construction Codes Approval and Amendments Act of 1980, effective February 2, 1987 (D.C. Law 6-216; 12 DCMR) and the Housing Regulations of the District of Columbia, effective August 11, 1955 (C.O. 55-1503; 14 DCMR Chapters 1-14); and Has a purchase price that neither exceeds the maximum price requirement established by rulemaking nor the appraised value of the property.