What is the conversion fee when converting a housing accommodation into a condominium or cooperative?

The conversion fee when converting a housing accommodation into a condominium or cooperative is indeed set at 5% of the sales price of each unit. This fee is part of the regulatory framework aimed at ensuring that the conversion process is structured and that relevant fees support housing and community initiatives. Charging a percentage based on the sales price of individual units aligns the fee with the market value, allowing for revenue that can be used to manage the impacts of such conversions, such as infrastructure needs or potential increases in service demands in the area.

This structure encourages developers to consider the broader implications of their conversions and helps maintain affordability and accessibility in the housing market. In contrast, the other options either misinterpret the fee structure or present conditions that do not reflect the established regulations governing property conversions in the District of Columbia.