District Of Columbia § 47-351.09 - Linked deposits for community development lending.
Full text of District Of Columbia D.C. Code § 47-351.09 — Linked deposits for community development lending., with citation guidance and answers to common questions.
§ 47-351.09. Linked deposits for community development lending.
47-351.09The Mayor, or the CFO pursuant to , may make a deposit in an insured financial institution in return for a commitment by that institution to make specific community development loans in a low-to-moderate income area. The Mayor, or the CFO pursuant to , shall determine the amount and scope of community development loans required to qualify for such linked deposits.
When making a linked deposit, the Mayor, or the CFO pursuant to , may accept a below-market interest rate that is within 3% of the market rate interest if the insured financial institution provides an equivalent reduction in the interest rate charged for the community development lending to which the deposit is linked.
The Mayor, or the CFO pursuant to , may make deposits linked to either specific loans or loan types.
An insured financial institution may submit to the Mayor, or the CFO pursuant to , a linked deposit application that includes information about the proposed community development lending and any other information the Mayor, or the CFO pursuant to , requires.
If the Mayor, or the CFO pursuant to , approves a linked deposit application, the Mayor, or the CFO pursuant to , and the insured financial institution shall enter into an agreement that includes each of the following terms and conditions and any others the Mayor, or the CFO pursuant to , may require:
A requirement that the insured institution shall not assign or sell a loan made with the proceeds of a linked deposit without approval of the Mayor, or the CFO pursuant to , as long as the linked deposit is in effect;
A requirement that a delay in payment or default by a borrower receiving a linked deposit loan does not affect the agreement between the insured financial institution and the Mayor, or the CFO pursuant to ;
The terms of the deposit;
A requirement that the Mayor, or the CFO pursuant to , shall monitor compliance with the agreement; and
The terms of the community development loans lending effort.
The total amount of linked deposits and community development program deposits shall not exceed 7% of the average annual investment balance of the latest audited fiscal year.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 47-351.09
What does D.C. Code § 47-351.09 cover?
Section 47-351.09 ("Linked deposits for community development lending.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 47-351.09?
A common citation format is "D.C. Code § 47-351.09" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 47-351.09 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.