First-responder and educator grant.

(a) In addition to the assistance provided in § 42-2504(b-1) and § 42-2505 , the Department shall make available a grant of up to $10,000 to provide financial assistance for the purchase of a housing unit to each first-responder or educator who is a Participant. (b) In order to receive financial assistance for the purchase of a housing unit under this section, a first-responder or educator Participant must agree to a 5-year service obligation, which shall begin at the date of settlement on the purchase of the housing unit, or, if the first-responder or educator Participant is not yet a District employee or employee of a District public charter school on the date of settlement, on the first-responder's or educator's first day of employment with the District or with a District public charter school. (c) The grant shall convert into a loan to be repaid by the Participant if: (1) Within 5 years after the date of settlement on the purchase of the housing unit, the housing unit is sold, transferred, or ceases to be the principal residence of the first-responder or educator Participant; or (2) The first-responder or educator Participant does not complete the 5-year service obligation required by subsection (b) of this section. (d) For the purposes of this section, the term "service obligation" means employment as a first-responder or educator.