Distressed property improvement plan.

Upon petition by the housing provider, the Mayor may initiate the development of a distressed property improvement plan utilizing any or all of the mechanisms in § 42-3508.04(b). The development of the plan shall involve the participation of the housing provider, the tenants or tenants’ association and may include the mortgagor. A distressed property improvement plan may include, but not be limited to: A schedule of repairs and capital improvements; A schedule of services and facilities; A schedule of rents and rent increases; A schedule of mortgage payments which may reflect additional long-term loans to the housing provider for the housing accommodation; A schedule of additional capital investment in the housing accommodation by the housing provider; and A schedule of property tax payments, which may also reflect moratoria or deferrals on property tax payments and the abatement or deferral of up to 100% of any tax outstanding on the housing accommodation. In the development of the distressed property improvement plan, the Mayor may consider: The interests of tenants in achieving decent, safe, and sanitary housing at affordable rents; The long-term interest of the housing provider in achieving a sound investment and a reasonable return on the housing provider’s investment; The long-term interest of the mortgagor in achieving a financially secure mortgage; and The long-term interest of the District in achieving a decent, safe, and sanitary housing accommodation which is fiscally sound and which generates and pays its fair property tax assessment.