District Of Columbia § 42-2504 - Employee savings; District government contribution.
Full text of District Of Columbia D.C. Code § 42-2504 — Employee savings; District government contribution., with citation guidance and answers to common questions.
§ 42-2504. Employee savings; District government contribution.
42-2504Each Participant in the Program shall be required to save an agreed upon amount, as set forth in this section, which shall be applied toward the down payment and closing costs for the housing unit. Each Participant shall enter into an Agreement with the Department. The Agreement shall set forth the following items:
The amount to be saved by the employee and the period of time during which the savings shall be accomplished;
A provision for amendment or termination of the Agreement;
A penalty for withdrawal of funds or termination of the Agreement prior to settlement of the loan;
A procedure for refund to the District of the amount of matching funds contributed by the District on behalf of a Participant who has withdrawn from the Agreement, terminated the Agreement, or otherwise failed to purchase the housing unit;
The matching funds to be contributed by the District;
The requirement that the matching funds provided by the District shall be used only for the purchase of a housing unit that shall be the principal residence of the Participant; and
Any other item that the Department deems necessary.
For each Participant in the Program who sets aside $2,500 under an Agreement, the District shall obligate $500 in the financial management system. The District shall match succeeding Participant saving increments of $2,500 with a $500 obligation until the District obligation totals $1,500. Matching contributions by the District shall not exceed $1,500 for any individual Participant. The District shall disburse its cash contribution at the time of settlement.
The Mayor shall establish a procedure to allow a Participant in the Program to save the target amount of money listed in the Agreement through a system of payroll deduction.
An applicant who has saved toward a down payment prior to entering the Program shall also be eligible for the matching contribution upon entering into an Agreement with the Department.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 42-2504
What does D.C. Code § 42-2504 cover?
Section 42-2504 ("Employee savings; District government contribution.") 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 § 42-2504?
A common citation format is "D.C. Code § 42-2504" (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 § 42-2504 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.