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April 7, 2026
The Honorable Phil Mendelson, Chairman
Council of the District of Columbia
1350 Pennsylvania Avenue, N.W., Suite 402
Washington, DC 20004
Dear Chairman Mendelson:
Pursuant to D.C. Official Code § 42-2702.07, and on behalf of the Board of Directors (the “Board”)
of
the District of Columbia Housing Finance Agency (the “Agency”), you are hereby notified that
on M
arch 10, 2026, the Board enacted an Eligibility Resolution for tax- exempt and/or taxable
s
ingle-family housing mortgage revenue bond financing in an amount not to exceed $50,000,000
(
the “Bonds”). The Agency proposes to issue the Bonds in accordance with such plan of finance
a
nd the Agency’s single-family mortgage revenue bond program (the “Program”) and pursuant to
Chapter 27 of Title 42 of the District of Columbia Code, as amended, Sections 143 and 147(f) of
t
he Internal Revenue Code of 1986, as amended, and one or more indentures, loan agreements or
other financing instruments (collectively, the “Indenture”), and apply the proceeds of the Bonds to
(a) f inance, purchase, make commitments to purchase, take assignments from lenders of, and
originate single family mortgage loans, condominium loans, and cooperative share loans
(
including the provision of downpayment/closing cost housing assistance) made for the financing
of residential housing in the District of Columbia (the “District”), (b) finance and preserve the
a
vailability of funds to the Agency to finance, the purchase (including the provision of
downpayment/closing cost housing assistance) and rehabilitation of single family, owner-occupied
residences located within the District, (c) refund outstanding bonds of the Agency and other
gove
rnmental units, (d) fund necessary reserves in connection with such Bonds and Program
a
nd/or (e) pay the costs of issuing such Bonds. Program mortgage loans and related assistance will
be
available to persons and families with low or moderate incomes and other eligible borrower s
who purchase eligible residences within the District.
A copy of the Eligibility Resolution for the DC Council’s review is enclosed as Exhibit A. A
description of the Program and its intended benefits are provided in the memorandum enclosed as
E
xhibit B. If you have any questions, please contact me at (202) 777-1600.
Si
ncerely,
Mi
chael L. Hentrel
General Counsel
Enc
losures
EXHIBIT A
solutionNo.2026-03ApprovinglityofaProgramforFinancingofSingleFamilyResidences;AuthorizingtheIssuanceofRevenueBondstoFinancesuchProgram;andApprovingaGeneralIndenture
ofTrusttoIssuesuchBonds
DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY
ELIGIBILITY AND FINAL ANNUAL BOND RESOLUTION
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE DISTRICT OF
COLUMBIA HOUSING FINANCE AGENCY (THE “AGENCY”)
APPROVING A HOMEOWNERSHIP PROGRAM FOR THE FINANCING OF
SINGLE FAMILY RESIDENCES FOR PERSONS AND FAMILIES OF LOW
AND MODERATE INCOME IN THE DISTRICT OF COLUMBIA (THE
“PROGRAM”); DETERMINING THAT SUCH PROGRAM IS ELIGIBLE FOR
FUNDING UNDER CHAPTER 27 OF TITLE 42 OF THE DISTRICT OF
COLUMBIA CODE; APPROVING AND AUTHORIZING THE EXECUTION
AND DELIVERY OF A GENERAL INDENTURE OF TRUST TO ISSUEAND
SECURE THE AGENCY’S SINGLE FAMILY MORTGAGE REVENUE
BONDS (THE “BONDS”) TO FINANCE THE PROGRAM; APPROVING THE
ISSUANCE AND SALE OF ONE OR MORE SERIES OF BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $50,000,000(THE
“SERIES2026BONDS”),SUBJECT TO THE PARAMETERS SET FORTH
HEREIN; AUTHORIZING THE EXECUTION AND DELIVERY OF THE
SERIES 2026 BONDS AND ONE OR MORE SERIES INDENTURES,
PURCHASE CONTRACTS, CONTINUING DISCLOSURE
UNDERTAKINGS, INVESTMENT AGREEMENTS, HEDGING
AGREEMENTS, LIQUIDITY DOCUMENTS AND OTHER DOCUMENTS
REQUIRED IN CONNECTION THEREWITH; AUTHORIZING AND
APPROVING THE USE, DISTRIBUTION AND EXECUTION, AS
APPLICABLE, OF ONE OR MORE PRELIMINARY OFFICIAL
STATEMENTS AND ONE OR MORE FINAL OFFICIAL STATEMENTS FOR.
SUCH SERIES 2026 BONDS; DESIGNATING AND AUTHORIZING
CERTAIN OFFICERS TO PROCEED WITH THE ISSUANCE AND SALE OF
THE SERIES 2026 BONDS, TO EXECUTE AND DELIVER DOCUMENTS
RELATING THERETO AND TO CARRY OUT THE TRANSACTIONS
DESCRIBED IN SUCH DOCUMENTS; CONFIRMING THE SELECTION OF
THE TRUSTEE OF THE BONDS AND OTHER PROFESSIONALS;
DECLARING THE AGENCY’S OFFICIAL INTENT TO REIMBURSE
ORIGINAL EXPENDITURES USING PROCEEDS OF SUCH SERIES 2026
BONDS; AUTHORIZING, APPROVING AND/OR RATIFYING OTHER
NECESSARY ACTIONS IN CONNECTION WITH THE ISSUANCE OF THE
SERIES 2026 BONDS; AND PROVIDING FOR AN EFFECTIVE DATE
AFTER REVIEW BY THE COUNCIL OF THE DISTRICT OF COLUMBIA.
WHEREAS,theDistrictofColumbiaHousingFinanceAgency(the“Ageney”)isacorporatebodyandaninstrumentalityoftheDistrictofColumbia(the“Distriet”),dulycreatedpursuanttotheDistrictofColumbiaHousingFinanceAgencyAct,asamended(codifiedatChapter27ofTitle42oftheDistrictofColumbiaCode)(the“Act”),forthepurpose,amongothers,ofgeneratingfundsfromprivateandpublicsourcestoincreasethesupplyofadequatehousingandtolowerthecostoffundsavailableforresidentialmortgageloanswithintheDistrict;and
WHEREAS,theAgencyisauthorizedtoestablishhomeownershipprogramswherebymortgagelendersand/ortheAgencymaymakemortgage,constructionandrehabilitationloansforsinglefamilyhomeownershipunitsontermsdesignedtoexpandavailablehousingopportunitieswithintheDistrictforpersonsandfamilieswithlowormoderateincomes;and
WHEREAS,theAgencydesirestoimplementanewhomeownershipprogrampursuanttowhichtheAgencymayinvestin,purchase,makecommitmentstopurchase,takeassignmentsfrommortgagelenders,originate,andservicemortgageloanseitherdirectlyorthroughmortgagelenderspursuanttocriteriaestablishedbytheAgency(collectively,the“Program”);and
WHEREAS,toaccomplishandeffectuatesuchhomeownershipprograms,theAgencyisauthorizedtoissueitssinglefamilymortgagerevenuebondsforthepurposesof(a)financingmortgageloans(includingsecuritiesbackedbysuchmortgageloans)madebyeligiblemortgagelenderstoeligiblepersonsforthepurchaseofresidentialhousingwithintheDistrict,(b)providingdownpaymentandclosingcostassistanceinconnectionwithsuchmortgageloans,(c)fundingnecessaryreservesandcostsand(d)refundingoutstandingbondsoftheAgencyandgovernmentalunits;and
WHEREAS,toprovidefinancingfortheProgram,itisnecessarythattheAgencyenterintoaGeneralIndentureofTrust(the“GeneralIndenture”),withU.S.BankTrustCompany,‘NationalAssociation,astrustee(the“Trustee”),pursuanttowhichtheAgencyshallissuefromtimetotimeitsSingleFamilyMortgageRevenueBondsinoneormoreseries(the“Bonds”);and
WHEREAS, each seriesof Bonds shallbe issuedpursuanttotheGeneralIndentureand
one or more seriesindentures(each,a “Series Indenture”, and togetherwith the General
Indenture,the“Indenture”),and each suchseriesshallbe subjecttosatisfactionofcertainterms,
conditions,restrictionsand covenantscontainedinthisresolution,theIndentureand theAct;and
WHEREAS,theBondsshallbespecialobligationsoftheAgencypayablesolelyfromandsecuredbya lienontheproceeds,moneys,revenues,rights,interestandcollectionspledgedthereforundertheGeneralIndentureandshallnotbeobligationsorindebtednessoftheDistrict;and
WHEREAS, theAgencydesires(a)tofinancemortgageloansconstitutingQualifiedMortgageLoans(asdefinedintheGeneralIndenture),includingrelateddownpaymentassistancesecondmortgageloans,(b)tofundnecessaryreservesand(c)topaycertainissuancecosts,throughtheissuance,from time to time buton or beforeMarch 1,2027, of one or more seriesofBonds
pursuanttotheGeneral Indenture,assupplementedby one ormore SeriesIndentures,and one or
moreplansoffinance,inanoriginalaggregateprincipalamountnottoexceed$50,000,000(the
“Series2026Bonds”);and
WHEREAS,inconnectionwiththeissuanceoftheSeries2026Bonds,theAgencyintends(a)tomarkettheSeries2026BondspursuanttooneormorePreliminaryOfficialStatements(each,a“PreliminaryOfficialStatement”),(b)toselltheSeries2026Bondspursuanttooneormorepurchasecontracts(each,a “PurchaseContract”)tosuchseniormanagingunderwriterandrepresentativeoftheco-managingunderwritersasselectedbytheAgencyandidentifiedinthe
PurchaseContract(collectively,the“Underwriter”),(c)todistributeoneormorefinalOfficialStatementsina formsimilartotherespectivePreliminaryOfficialStatement(each,a“FinalOfficialStatement”),disclosing,amongotherthings,thefinaltermsandprovisionsoftheapplicableSeries2026Bonds,and(d)toexecuteanddeliveroneormoreContinuingDisclosure‘Agreements,InvestmentAgreements,HedgingAgreements,LiquidityFacilities,Remarketing
Agreementand/orCCAs(collectivelywiththeGeneralIndenture,theSeriesIndenture,thePreliminaryOfficialStatement,thePurchaseContract,theFinalOfficialStatementandthehereinafter-describedOriginationAgreement,the“AgencyDocuments”);and
WHEREAS, inordertoprovidecontinuousfinancingforeligiblepersonsundertheProgram,theAgencymaypurchaseQualifiedMortgageLoansfromitsgeneralfundorpursuanttoacommerciallineofcreditorotherwarehousefinancing,and,atsuchtimesasproceedsofSeries2026Bondsbecomeavailable,maydirecttheTrusteetouseSeries2026Bondproceedsto
reimbursesuchpurchases;and
WHEREAS,U.S.TreasuryRegulation§1.150-2,promulgatedunderSections103and
141to150oftheInternalRevenueCodeof1986,asamended(the“Code”),requirestheAgencytodeclareitsofficialintent,withinthetimeframessetforththerein,topermittheAgencytoreimburseitselfusingtheproceedsofSeries2026Bonds,theinterestonwhichisintendedtobeexemptfromgrossincomeforfederaltaxpurposes(“Tax-ExemptSeries2026Bonds”),forcertainexpenditures,includingtheinterimpurchaseofQualifiedMortgageLoans;and
WHEREAS,theProgramandtheissuanceoftheSeries2026Bondswillconferapublicbenefitandservethepublicinterestbyimprovingandotherwisepromotingthehealth,welfareandprosperityoftheDistrictandthegeneralpublicby expandingavailablehomeownership
opportunitiesforpersonsandfamiliesoflowerandmoderateincomeintheDistrict,allinaccordancewith,andinfurtheranceofthepurposesoftheAct;and
WHEREAS,pursuanttoSection42-2702.07(b)(2)oftheAct,theAgencymaynotadopt
a resolutionauthorizingtheissuanceofbondstofundahomeownershipprogramunlesstheAgencyfirstdeterminesthattheproposedprogrammeetstherequirementsoftheActandthereforeiseligibleforfundingundertheAct,andthensubmitssuchproposaltotheCounciloftheDistrictofColumbia(the“Couneil”)fora30-dayreviewperiod(the“ReviewPeriod”);and
WHEREAS,pursuanttoSection42-2702(b)(3)oftheAct,ifduringReviewPeriodtheCouncildoesnotadoptaresolutiondisapprovingtheproposal,theAgencymaytakeimmediate
actiontoimplementtheproposal;and
WHEREAS,Section42-2704.02(e)oftheActfurtherprovidesthatnoticeoftheadoptionof.resolutionauthorizingtheissuanceofbondstofundahomeownershipprogramshallbegiventotheMayorandtheCouncilpriortotheadoptionofsuchresolution.
NOW, THEREFORE,BE ITRESOLVEDbytheBoardofDirectorsoftheDistrictofColumbiaHousingFinanceAgencyasfollows:
(1) Definitions.Alldefinedtermsusedhereinand nototherwisedefinedherein
shallhave therespectivemeanings giventothem intheGeneralIndentureor theAct.
(2) FindingsandDeterminations.TheBoardfindsanddeterminesthatthe
ProgramandthefinancingthereofthroughtheapplicationoftheproceedsfromtheissuanceandsaleoftheBondswill(a)constituteanundertakingprimarilyintheareaoflowandmoderateincomehousing,(b)expandavailablehousingopportunitiesforpersonsoflowandmoderateincome,(c)accomplishthepurposesofandimplementthepublic
policiesunderlyingtheAct,and(4)complywiththerestrictionsasestablishedbytheInternalRevenueService.Therefore,theBoardfindsanddeterminesthattheProgrammeetsandcompliesinallrespectswiththerequirementsof,andiseligibleforfundingunder,theAct.
‘TheBoardfurtherfindsanddeterminesthatallactionsrequiredundertheActpriortotheadoptionofthisresolution,andallconditionsprecedentsthereto,includingprovidingnoticeoftheadoptionofthisresolutiontotheMayorandtheCouncilpriortohereofinaccordancewithSection42-2704,02(e)oftheAct,haveoccurredandhavebeensatisfied,subjecttotheprovisionsofSection17hereof.
(3)_ ApprovaloftheProgramandProgramDocuments;PlanofFinancingfortheBonds.TheProgramisherebyapproved.SubjecttothetermsofthisresolutionandtheAct,theAgencyExecutiveDirector/CEOandstaffareauthorizedanddirectedtoproceedwiththeimplementationoftheProgram,includingpreparingagreements(“OriginationAgreements”)betweentheAgencyandindividualmortgagelendersregardingtheoriginationofmortgageloans,preparingamanualorhandbookrelatingtotheProgram(the“ProgramManual”)andallotherProgram-relateddocumentsasstaffdeemsnecessaryfortheProgram.‘TheBoardauthorizesanddirectstheAgency’sExecutiveDirector/CEOandstafftodevelopaplanoffinancingfortheProgramthroughtheissuanceofBondsinaccordancewiththeActandthisresolutionassuchstaffdeemstobeinthebestinterestoftheAgencyandtheDistrict.
(4) Authorization,ExecutionandDeliveryoftheGeneralIndenture;DesignationofAuthorizedOfficers;ConfirmationofAppointmentofTrustee.TheGeneralIndenture,insubstantiallytheformpresentedtotheBoardonthedatehereof,isherebyauthorizedandapproved.TheChairpersonoftheBoard,theViceChairpersonoftheBoard,theExecutiveDirector/CEOoftheAgency,theGeneralCounseloftheAgencyandtheChiefFinancialOfficeroftheAgency(individuallyorcollectively,ascontextmayrequire,andincludingtheirrespectivedesigneesanddelegates,the“AuthorizedOfficers”)areeachauthorizedanddirectedtoexecuteanddelivertheGeneralIndentureinthenameandonbehalfoftheAgency,withsuchchangesthereinnotinconsistentwiththisresolutionandnotsubstantiallyadversetotheAgencyasmaybepermittedbytheActandapprovedbythe
AuthorizedOfficerexecutingthesameonbehalfoftheAgency.TheapprovalbyanAuthorizedOfficerofsuchchangesshallbeconclusivelyevidencedbytheexecutionoftheGeneralIndenturebysuchAuthorizedOfficer.
TheBoardherebyconfirmstheselectionofU.S.BankTrustCompany,NationalAssociationastrusteeundertheIndenturefortheBonds.
(5) Authorization,Issuance,SaleandDeliveryoftheSeries2026Bonds;
Parameters.Theissuance,saleanddeliveryoftheSeries2026BondsareherebyauthorizedandapprovedwithintheparameterssetforthinthisresolutionandtheAct.TheAuthorizedOfficersareeachherebyauthorizedanddirected,inconsultationwithBondCounselandtheFinancialAdvisortotheAgency(asappointedorconfirmedhereby),to
specifythefinaltermsoftheSeries2026Bonds,including,withoutlimitation,thenumberofseries(andanydesignationsthereto),thepurchasepricesthereof,thefinalprincipalamountsthereof,thefinalinterestratesthereon,thematurityscheduletherefor,theredemptionorprepaymentprovisionsapplicablethereto,thetaxstatusoftheinterestthereon,thesecuritytherefor,andsuchothertermsandprovisionsassuchAuthorized
OfficerdeemstobeinthebestinterestoftheAgencyandtheDistrict;providedthat(i)theaggregateprincipalamountoftheSeries2026Bondsshallnotexceed$50,000,000,(ii)theaggregateissuepriceofanyTax-ExemptSeries2026BondsshallnotexceedtheamountofprivateactivityvolumecapavailabletotheAgencyforthepurposeoffinancingQualifiedMortgageLoans,(iii)theaverageinterestrateshallnotexceed8.00%withrespecttoanySeries2026Bondsbearinginterestatfixedratesand15%withrespecttoanySeries2026Bondsbearinginterestatvariablerates,(iv)noSeries2026Bondsshall
maturelaterthan50yearsfromtheirrespectivedatesofdeliveryand(v)noSeries2026BondsshallbeissuedafterMarch1,2027,absentanyamendmenthereto.
TheSeries2026BondsshallbesoldtoUnderwriterpursuanttooneormorePurchaseContracts.TheAuthorizedOfficersareeachauthorizedtoproceedwiththesaleoftheSeries2026BondspursuanttosuchPurchaseContracttotheUnderwriter,orsuchotherunderwriterorinitialpurchaseroftheSeries2026Bondsasshallbedetermined,inthesolediscretionofsuchAuthorizedOfficer,tobeinthebestinterestoftheAgency.TheAuthorized
OfficersareeachfurtherauthorizedanddirectedtoexecuteanddeliverinthenameandonbehalfoftheAgency,thePurchaseContract,intheformapprovedbysuchAuthorizedOfficer(whichapprovalwillbeconclusivelyestablishedbyhisorherexecutionand/ordeliverythereof),inconsultationwithBondCounselandtheFinancialAdvisortotheAgency,withsuchtermsnotinconsistentwiththisresolutionandnotsubstantiallyadversetotheAgencyasmaybepermittedbytheAct.
(6) Approval,ExecutionandDeliveryofthe BondsandtheAgencyDocuments
andtheBonds.TheBondsshallbedesignated,issuedintheformsanddenominations,numbered,dated,executedandpayable,andshallbesubjecttosuchotherterms,asprovidedintheIndenture,subjecttothetermsandconditionsofthisresolution.EachAuthorizedOfficerisauthorizedanddirectedtoexecute,acknowledgeand/ordeliverinthenameandonbehalfoftheAgencytheSeries2026BondsandtheAgencyDocuments,informsapproved
byanAuthorizedOfficer(whichapprovalwillbeconclusivelyestablishedbyhisorherexecutionand/ordeliverythereof),inconsultationwithBondCounselandtheFinancial
AdvisortotheAgency,withsuchtermsnotinconsistentwiththisresolutionandtheActandnotsubstantiallyadversetotheAgencyasmaybepermittedbytheAct.TheSecretarytotheBoardoranyDesigneeoftheSecretaryisherebyauthorizedtoaffixthesealoftheAgency,andtoattesttosuchseal,ontheSeries2026Bonds,anyAgencyDocumentsandsuchotherdocumentsnecessarytoimplementtheissuanceandsaleoftheSeries2026Bonds.
The AuthorizedOfficersarefurtherauthorizedtoenterintoinvestmentagreements
(‘InvestmentAgreements”)informsapprovedbyanAuthorizedOfficer(whichapprovalwill be conclusivelyestablishedby his or her executionand/ordeliverythereof),in
consultationwithBond Counsel and the FinancialAdvisortotheAgency, withsuchterms
notinconsistentwiththisresolutionandtheActandnotsubstantiallyadversetotheAgency
asmaybepermittedbytheAct.Anyandallproceedsof,andinvestmentincomeattributable
to,the Series2026 Bonds may be loanedto or depositedfrom timeto time pursuantto the
InvestmentAgreementsfortheperiods,andattheinterestrates,specifiedtherein.
TheAuthorizedOfficersarefurtherauthorizedtoenterintointerestratehedgingagreementswithsuchfinancialorganizationsasanAuthorizedOfficermayspecify(each,a“Counterparty”),particularlythosefinancialorganizationswithwhomtheAgencyhasexecutedsuchhedgingagreements,Theformsofsuchinterestratehedgingagreements,
consistingofanISDAMasterAgreement,aScheduleandaCreditSupportAnnex,andoneormoreConfirmationsthereto,relatingtoanyoneormoreseriesoftheSeries2026Bondswhichmaybearinterestatvariablerates,andtheCounterpartiesthereto,shallsatisfytheprovisionsoftheAgency’sInterestRateSwapPolicy(collectively,the“HedgingAgreements”).EachAuthorizedOfficerisauthorizedtoexecuteanddeliverHedgeAgreementsinconnectionwiththeissuanceofanySeries2026Bonds,informsapprovedbyanAuthorizedOfficer(whichapprovalwillbeconclusivelyestablishedbyhisorher
executionand/ordeliverythereof),inconsultationwithBondCounselandtheFinancial
AdvisortotheAgency,withsuchtermsnotinconsistentwiththisresolutionandtheActand
notsubstantiallyadversetotheAgencyasmaybepermittedbytheAct.
TheAuthorizedOfficersarefurtherauthorizedtoenterintoandtotakeanyandallactionsnecessaryfortheexecutionanddeliveryofthefollowinginconnectionwiththeissuanceofanySeries2026Bondsbearinginterestatvariablerates:(a)aStandbyBondPurchaseAgreementorcomparableliquidityagreement(each,a“LiquidityFacility”)fromabankorotherfinancialorganizationasliquidityproviderrelatingtoanySeries2026Bonds
whichhaveatenderright;(c)aremarketingagreement(each,“RemarketingAgreement”),relatingtoanySeries2026Bondswhichhaveatenderrightor(c)aContinuingCovenantAgreementorsimilaragreement(each,a“CCA”).EachAuthorizedOfficerisauthorizedtoexecuteanddelivera LiquidityFacility,a RemarketingAgreementand/ora CCA inconnectionwiththeissuanceofanySeries2026Bonds,informsapprovedbyanAuthorizedOfficer(whichapprovalwillbeconclusivelyestablishedbyhisorherexecutionand/or
deliverythereof),inconsultationwithBondCounselandtheFinancialAdvisortothe‘Agency,withsuchtermsnotinconsistentwiththisresolutionandtheActandnotsubstantiallyadversetotheAgencyasmaybepermittedbytheAct.
(1) DistributionandUseofPreliminaryandFinalOfficialStatements.TheAgencyherebyauthorizesandapprovestheuseanddistributionofoneormorePreliminary
OfficialStatementsandtheuse,distributionandexecutionofoneormoreFinalOfficial
Statements,ifany,inconnectionwiththeissuanceandsaleoftheSeries2026Bonds.
(8) AllocationofPrivateActivityVolumeCap.TheDistrictpreviouslyallocatedtotheAgency$387,625,000oftheDistrict’scalendaryear2026privateactivityvolumecap
tobeusedinconnectionwiththeAgency’sissuanceoftax-exemptbondstofinanceitshousingprograms.TheBoardherebyapprovesthedesignationofaportionofsuchallocationinanaggregateprincipalamountnottoexceed$50,000,000withrespecttotheissuanceof
theTax-ExemptSeries2026Bonds.
(9) AdditionalApprovalsRelatingtoTax-ExemptSeries2026Bonds.
(a) Declarationof OfficialIntent.For purposesof U.S.Treasury
Regulation§1.150-2,promulgatedunderSections103and141to150oftheCode,
thisresolutionconstitutestheAgency’sdeclarationofofficialintenttoissueTax-ExemptSeries2026Bondsorothertax-exemptobligationsinanoriginalprincipalamountnottoexceed$50,000,000onorbeforeMarch1,2027inordertoreimbursetheAgencyfororiginalexpendituresincurredinconnectionwiththeProgram,
includingtheacquisitionorfinancingofQualifiedMortgageLoans.
(b) PublicHearingRequirement.TheissuanceofanyTax-ExemptSeries2026BondsandtheapprovalandauthorizationbytheAgencyoftheAgencyDocumentsandotherdocumentsrelatingtheretoandtheprovisionsthereofareconditionedontheholdingofa publichearinginaccordancewithSection147(f)oftheCode,andtheapprovalbytheMayoroftheDistrict,thedesignatedandelectedofficialasdescribedinsaidSection147(f),asapplicable.
(©) PrivateActivityVolumeCap.TheAuthorizedOfficersareeachauthorizedtotakeanyandallactiontocauseanycurrent-yearvolumecapand/oranyprior-yearvolumecapcarriedforwardbytheAgencyforthepurposesoftheProgram,
tobeallocatedtotheissuanceofanyTax-ExemptSeries2026Bonds.
(10)CovenantsoftheAgency.InadditiontoothercovenantsoftheAgencyinthis
resolution,theAgencyfurthercovenantsandagreesthatitwillatalltimesfaithfullyobserveandperformallagreements,covenants,undertakings,stipulationsandprovisionscontainedintheSeries2026BondsandtheAgencyDocuments,andinallproceedingsoftheAgencypertainingtotheSeries2026Bonds,TheAgencyisdulyauthorizedbythelawsoftheDistrict,includingparticularlyandwithoutlimitationtheAct,toissue,sellanddelivertheSeries2026BondsandtoexecutetheAgencyDocumentsandotherrelateddocuments.AllactionsonthepartoftheAgencyfordevelopmentandimplementationoftheProgram,theauthorizationof
theSeries2026BondsandexecutionanddeliveryoftheAgencyDocumentshavebeenorshallbedulyandeffectivelytakenpriortothedateofdeliveryoftheSeries2026Bonds.
‘TheBoardpledgestotheholdersoftheSeries2026BondsthattheAgencywillnotlimitoralterrightsvestedintheAgencytofulfillagreementsmadewiththeholdersthereof,or in any way impair the rightsand remedies of such holdersuntilthe Series2026 Bonds,
togetherwiththeinterestthereon,withinterestonanyunpaidinstallmentsofinterest,andall
costsandexpensesinconnectionwithanyactionorproceedingsbyoronbehalfofsuchholdersarefullymetanddischarged.
(11) No PersonalLiability.No recourseunderoruponanyobligation,covenant,
acceptanceor agreementcontainedinthisresolution,or in any Bond, includingthe Series
2026Bonds,orintheGeneralIndentureortheAgencyDocuments,orunderanyjudgment
obtainedagainsttheAgencyorbytheenforcementofanyassessmentorbyanylegalot
equitableproceedingbyvirtueofanyconstitutionorstatuteorotherwise,orunderanycircumstances,shallbe had againstany officerassuch,past,present,orfuture,oftheAgency,
eitherdirectlyorthroughtheAgency,orotherwise,forthepaymentforortotheAgencyorany receiverthereof,or foror toany holderof any Series2026 Bond, or otherwise,of any
sumthatmaybedueandunpaidbytheAgencyuponanyoftheSeries2026Bonds.Anyandallpersonalliabilityofeverynature,whetheratcommonlaworinequity,orbystatuteorbyconstitutionor otherwise,of any such officer,as such,to respondby reasonof any actor
omissiononthepartofany suchofficer,orotherwise,for,directlyorindirectly,thepaymentforortotheAgencyoranyreceiverthereof,orforortotheowneroranyholderofany Series
2026Bond,orotherwise,ofanysumthatmayremaindueandunpaiduponanySeries2026
Bond, shallbe deemed tobe expresslywaived and releasedasa conditionof and consideration
fortheexecutionand deliveryof theAgency Documents and theauthorizationof theSeries
2026 Bonds.
(12)LimitedObligations;NoDebtorTaxPledge.Upontheirissuance,Bonds,inincludingtheSeries2026Bonds,shallbevalidandenforceablespecial,limitedobligationsoftheAgency,payablesolelyfromtherevenuesandsecurityinterestspledgedfortheirpaymentasprovidedintheGeneralIndentureandtheSeriesIndenture.TheBondsshallnotbeageneralobligationoftheAgencyandshallnotconstituteanindebtednessorpledgeofthefaithandcreditortaxingpowersoftheAgency.NeithermoneysraisedbyDistricttaxationnoranygeneralorspecialrevenuesoftheDistrictshallbeobligatedorpledgedforthepaymentofprincipalof,premium(ifany)orinterestonanyBonds.
(13)Severability.Ifanysection,paragraphorprovisionofthisresolutionshallbeheldtobeinvalidorunenforceableforanyreason,theinvalidityorunenforceabilityofsuchsection,paragraphorprovisionshallnotaffectanyoftheremainingprovisionsofthisresolution,
(14)ApprovalofSelectionofFinancialAdvisor,BondCounselandtheUnderwriter.TheBoardapprovestheselectionofCaineMiter& AssociatesIncorporatedasFinancialAdvisor,theselectionofKutakRockLLPasBondCounsel,andtheselectionoftheUnderwriterandthePurchaser,withrespecttotheSeries2026Bonds.
(15)RatificationofActions;FurtherAction.‘TheBoardherebyratifies,approvesandconfirmsallofitspreviousactions,andfurtherratifiesallpreviousactionsoftheAgencystaff,relatingtotheProgram,theBondsandtheSeries2026BondsnotinconsistentwiththeprovisionsofthisresolutionandtheAct.TheAuthorizedOfficersareauthorizedanddirectedtoundertakeanyothernecessaryactionsnotinconsistentwiththeprovisionsofthisresolutionandtheAct,including,withoutlimitation,theexecutionanddeliveryofanyandallotherdocumentsoragreementsfor(a)thedevelopmentofaplanof
financingandtheProgram,(b)theissuance,saleanddeliveryoftheSeries2026Bonds,(c)thefinancingofQualifiedMortgageLoansundertheProgram,(4)theinvestmentofthe
proceedsoftheSeries2026Bonds,(¢)theperformanceofanyandallactionsrequiredorcontemplatedundertheAgencyDocumentsrelatingtotheissuanceoftheSeries2026Bonds,(f)thefundingofnecessaryreserves,and(g)therefundingofanyoutstandingindebtednessof theAgencywithproceedsoftheSeries2026Bonds.ThisSection15shallbeeffectivefortheentireperiodduringwhichtheSeries2026Bondsareoutstandingfollowingtheissuance
thereof.
(16)MinisterialConformation.AllotherministerialactsbytheofficersoftheAgencythatareinconformitywiththepurposesandintentofthisresolutionandinfurtheranceoftheissuanceoftheSeries2026Bondsareherebyauthorized,approvedandratified.Suchofficersareherebyauthorizedanddirectedtodoanyandallthingsnecessary
toexecuteanddeliveralldocumentsorcertificatesthatanyAuthorizedOfficermaydeemnecessaryoradvisable.
(17)EffectiveDate.Thisresolutionshalltakeeffectandbeinfullforce(a)fromandafteritspassagebytheBoardand(b)upontheearlierof(i)adoptionbytheCouncilofaresolutionapprovingtheProgramandtheissuanceoftheBondstofundsuchProgramor(ii)expirationofthe30-dayReviewPeriodandtheCouncilhasnotadopteda resolutiondisapprovingtheProgramandtheBonds,asprovidedbylaw.ThisresolutionshallnottakeeffectandshallhavenoforceifduringtheReviewPeriodtheCounciladoptsaresolution
disapprovingtheProgramandtheBonds.
DCHFA ResolutionNo. 2026-03
ADOPTED ON MARCH 10,2026
AT A MEETING OF THE BOARD OF
DIRECTORS.
RollCallVote:
HeatherWellingtonBryan“Scottie”IrvingYohanceFuller
CartiRobinson
APPROVED
APPROVED
APPROVED
APPROVED
10
EXHIBIT B
District of Columbia Housing Finance Agency
815 Florida Ave, NW, Washington, DC 20001
TO: DCHFA Board of Directors
THRU: Christopher E. Donald, Executive Director & CEO
FROM: Melissa Lee, Chief Financial Officer
DATE: March 5, 2026
SUBJECT: Eligibility and Final Bond Resolution – Single Family
TRANSACTION SUMMARY:
The Office of Financial Management staff request the approval from the District of Columbia
Housing Finance Agency’s (“DCHFA” or “Agency”) Board of Directors (the “Board”) for the
creation of a Single Family Mortgage Program (“Program”), which will be funded by and requires
authorization of the issuance of tax-exempt bonds in an amount not to exceed to $50,000,000
(“Issuance”). In addition, the approval of a General Indenture of Trust is required to support the
Issuance.
Two previous Board activities occurred in preparation for the Issuance. On October 28, 2025 the
Agency’s financial advisor, Caine Mitter, presented the Single-Family Mortgage Revenue Bond
Overview and Interest Rate Swap Policy. On December 2, 2025 the Board approved and adopted
the Interest Rate Exchange Agreement Policy (Swap Policy).
The Agency will establish a new Program which will be funded with proceeds from the Issuance
and will support the ability of the Agency to offer single family mortgages at a comparable rate
savings to the current mortgage loan product. The Single-Family team will return to the Board
with an overview of the Program’s framework and approval of the new mortgage servicing
agreement at a subsequent Board meeting.
The General Indenture of Trust for the Single Family Mortgage Revenue Bond is a newly drafted
indenture which will be entered into with U.S. Bank Trust Company. The Issuance will be
identified as Series 2026.
Approval of the Board Resolution will allow staff to continue working through all bond activities
up to and including closing of the Series 2026 Issuance.
RECOMMENDATION:
The Office of Financial Management presents a Board Resolution for approval of a Program for
financing single family residences, authorization of the issuance of revenue bonds to finance the
Program, and approval of a General Indenture of Trust to issue such bonds in amount not to exceed
$50,000,000.
PRIVILEGED AND CONFIDENTIAL