SEC. 162.07. ESCROW ACCOUNT. (Added by Ord. No. 173,810, Eff. 4/16/01.) A. Establishment of Account. 1. Within five business days after the decision accepting a building into REAP has become final, the Department shall establish as part of the REAP Trust Fund an account for the building into which tenants may deposit rent payments. The Department shall mail notification to all affected tenants of the existence of the escrow account, including an explanation of how payments may be deposited into the account and when the Department will begin to accept payments. The Department shall provide a receipt to each tenant making a deposit. The Department shall provide, at least once a month, a periodic report to the property owner/landlord concerning the activity in the escrow account. The records of the escrow account shall be made reasonably available to the property owner/landlord or any interested party, or their representatives, in accordance with the RAC Regulations, including the provision for payment of reasonable fees, as the RAC may promulgate. (Amended by Ord. No. 184,446, Eff. 9/26/16.) 2. Interest at a rate established by the Rent Adjustment Commission pursuant to the provisions of Paragraph a. of Subdivision 1. of Subsection B. of Section 151.06.02 of the Los Angeles Municipal Code shall accrue to the funds held in each account established by the Department pursuant to the provisions of Subdivision 1. of this Section, and shall be disbursed upon termination of the account in accordance with Subsection D. of Section 162.08. (Added by Ord. No. 177,119, Eff. 12/26/05.) B. Withdrawals from Escrow Account. 1. The Department shall deduct a non-refundable administrative fee of $50.00 for each individual rent payment made into the account. Only one such fee shall be deducted for each residential unit for each month. 2. A property owner/landlord, any tenant, any Enforcement Agency, any interested party, and any creditor may apply to the General Manager for a release of funds from the escrow account, in accordance with the regulations the RAC shall enact. Withdrawals may be for the following reasons, in addition to other reasons adopted by regulation: (Amended by Ord. No. 184,446, Eff. 9/26/16.) a. When necessary to prevent a significant diminution of an essential service to the building, including utilities; b.