Source: https://development.code.dccouncil.us/dc/council/code/sections/47-3502.html
Timestamp: 2019-04-24 18:43:04+00:00

Document:
D.C. Law Library - § 47–3502. Lower income homeownership households — Qualifications.
↪ § 47–3502. Lower income homeownership households — Qualifications.
(B) Receive, pursuant to a shared equity financing agreement which complies with the requirements of 26 U.S.C. § 280A(d)(3), at least a 5% qualified ownership interest, the right to occupy the unit, and an option to purchase the remaining ownership interest at a specified later date.
(4) The household income does not exceed 110% of the area median income guidelines established pursuant to § 42-2604.
(c) This chapter shall not apply if the fair market value of the unit or residential property exceeds 80% of the median sale price for homes within the District of Columbia in the prior year as of the date that the application for exemption is filed, unless the unit or residential property is a for-sale unit constructed pursuant to [subchapter I of Chapter 28 of Title 42 (§ 42-2801 et seq.)] that remains affordable for 180 months or a longer period selected by the developer, in accordance with section 2218 of Title 14 of the District of Columbia Municipal Regulations (14 DCMR § 2218), then this chapter shall apply.
This section is referenced in § 47-802, § 47-3503, § 47-3504, and § 47-3505.
D.C. Law 14-282 added subsec. (c).
D.C. Law 16-33, in subsec. (c), substituted “80% of the median sale price for homes within the District of Columbia in the prior year” for “$250,000”.
The 2015 amendment by D.C. Law 21-36 added “unless the unit or residential property is a for-sale unit constructed pursuant to the Housing Production Trust Fund Act of 1988, effective March 16, 1989 (D.C. Law 7-202; D.C. Official Code Section 42-2801 et seq.), that remains affordable for 180 months or a longer period selected by the developer, in accordance with section 2218 of Title 14 of the District of Columbia Municipal Regulations (14 DCMR Section 2218), then this chapter shall apply” in (c).
Real property assessment and tax, “owner” and “taxpayer” defined, see § 47-802.
For temporary (90 day) amendment of section, see § 12(bbb) of Tax Clarity and Recorder of Deeds Emergency Act of 2002 (D.C. Act 14-381, June 6, 2002, 49 DCR 5674).
For temporary (90 day) amendment of section, see § 12(ccc) of Tax Clarity and Related Amendments Emergency Act of 2002 (D.C. Act 14-456, July 23, 2002, 49 DCR 8107).
For temporary (90 day) amendment of section, see § 12(ccc) of Tax Clarity and Related Amendments Congressional Review Emergency Act of 2002 (D.C. Act 14-510, October 23, 2002, 49 DCR 10247).
For temporary (90 day) amendment of section, see §§ 1281(b), 1282, 1283 of Fiscal Year 2006 Budget Support Emergency Act of 2005 (D.C. Act 16-168, July 26, 2005, 52 DCR 7667).
For temporary (90 days) amendment of this section, see § 2053 of the Fiscal Year 2016 Budget Support Emergency Act of 2015 (D.C. Act 21-127, July 27, 2015, 62 DCR 10201).
For temporary (225 day) amendment of section, see § 12(ccc) of Tax Clarity and Related Amendments Temporary Act of 2003 (D.C. Law 14-228, March 23, 2003, law notification 50 DCR 2741).
Mayor authorized to issue rules: Section 13 of D.C. Law 7-177 provided that the Mayor shall issue rules to implement the provisions of the act.
“Sec. 1282. Applicability; conditional effect.
“(a) Section 1281 shall apply for taxable years beginning after September 30, 2005.

References: § 47
 § 47
 § 280
 § 42
 § 2218
 § 47
 § 47
 § 47
 § 47
 § 47
 § 12
 § 12
 § 12
 § 2053
 § 12