Following payment of costs of issuance, 85 percent of the bond proceeds will be used for the development of affordable rental housing through the development account described in the regulations, and 15 percent of the bond proceeds will be used for downpayment assistance for low and moderate income first-time homebuyers through the downpayment assistance loan account described in the program regulations; including all legally permissible administrative costs related to the program. The Mayor's Office of Housing and Community Development ("MOHCD") shall develop procedures and amend its regulations such that, for all projects funded by this affordable housing and home ownership bond program, including multifamily rental projects and down payment assistance to individual households, it requires the project sponsor or its successor in interest to give preference in occupying units or receiving assistance as provided for in Administrative Code Chapter 47.