Source: https://development.code.dccouncil.us/dc/council/code/sections/47-1005.02.html
Timestamp: 2019-04-21 08:35:31+00:00

Document:
D.C. Law Library - § 47–1005.02. Nonprofit affordable housing developer tax relief.
↪ § 47–1005.02. Nonprofit affordable housing developer tax relief.
(a)(1) Property eligible for the low-income housing tax credit provided by section 42 of the Internal Revenue Code of 1986, approved October 22, 1986 (100 Stat. 2189; 26 U.S.C. § 42), (“affordable housing”) that is owned by an organization that is not organized or operated for private gain, or that is owned by an entity controlled, directly or indirectly, by such an organization, shall be exempt from the taxes imposed by Chapters 8 and 10 of this title and from a payment in lieu of tax imposed under § 47-1002(20) during the time that the real property is being developed for or being used as affordable housing and is subject to restrictive covenants governing income during the federal low-income housing tax credit compliance period, including any extended use period.
(2) The conveyance of a property to an owner for which a certification as to both the property and owner has been made pursuant to subsection (b)(1) of this section (and that has not been revoked under subsection (b)(2) of this section) shall be exempt from the tax imposed by Chapter 11 of Title 42, and the transfer of any of property by an owner for which a certification as to both the property and owner has been made pursuant to subsection (b)(1) of this section (and that has not been revoked under subsection (b)(2) of this section) shall be exempt from the tax imposed by Chapter 9 of Title 47. Unless waived by regulation, a copy of the certification shall accompany the deed at the time it is submitted for recordation in order to claim an exemption.
(3) A security interest instrument, including a mortgage or deed of trust, securing debt incurred to acquire, develop, or redevelop property described in paragraph (1) of this subsection, or a refinancing or modification of a debt on such property, shall be exempt from the tax imposed by Chapter 11 of Title 42; provided, that a certification of exemption has been made pursuant to subsection (b)(1) of this section with respect to both the owner granting the security interest and the property encumbered by the security interest. Unless waived by regulation, to claim an exemption, a copy of the certification of exemption shall accompany the security interest instrument at the time it is submitted for recordation.
(F) Any other information OTR shall require to administer the exemption.
(F) Any other information OTR shall require to administer the termination of the exemption.
(3) OTR shall administer the exemption provided under this section in the same manner as the exemptions provided under § 47-1002, and properties exempted under subsection (a) of this section shall be subject to §§ 47-1005, 47-1007, and 47-1009, except that an owner shall not be required to file an application with OTR to qualify for an exemption.
(c) The grant of a tax exemption as provided in this section shall be in addition to, and not in lieu of, any other tax relief or assistance from any other source applicable to either the real property or its owner.
(d) This section shall apply for real property tax years beginning after September 30, 2012.
This section is referenced in § 42-1102 and § 47-902.
The 2013 amendment by D.C. Law 20-61 rewrote (a)(1).
For temporary (90 days) amendment of this section, see § 7093(b)(2) of Fiscal Year 2019 Budget Support Congressional Review Emergency Act of 2018 (D.C. Act 22-458, Oct. 3, 2018, 65 DCR 11212).
For temporary (90 days) amendment of this section, see § 7093(b)(2) of Fiscal Year 2019 Budget Support Emergency Act of 2018 (D.C. Act 22-434, July 30, 2018, 65 DCR 8200).
For temporary (90 days) amendment of this section, see § 7232(b)(2) of Fiscal Year 2018 Budget Support Congressional Review Emergency Act of 2017 (D.C. Act 22-167, Oct. 24, 2017, 64 DCR 10802).
For temporary (90 days) amendment of this section, see § 7232(b)(2) of Fiscal Year 2018 Budget Support Emergency Act of 2017 (D.C. Act 22-104, July 20, 2017, 64 DCR 7032).
For temporary amendment of (a)(1), see § 102 of the Fiscal Year 2013 Budget Support Technical Clarification Emergency Amendment Act of 2012 (D.C. Act 19-482, October 12, 2012, 59 DCR 12478).
For temporary amendment of (a)(1), see § 102 of the Fiscal Year 2013 Budget Support Technical Clarification Congressional Review Emergency Amendment Act of 2012 (D.C. Act 19-604, January 14, 2013, 60 DCR 1045), applicable as of January 10, 2013.
For temporary (90 days) amendment of this section, see § 7154 of the Fiscal Year 2014 Budget Support Emergency Act of 2013 (D.C. Act 20-130, July 30, 2013, 60 DCR 11384, 20 DCSTAT 1827).
For temporary (90 days) amendment of this section, see § 7154 of the Fiscal Year 2014 Budget Support Congressional Review Emergency Act of 2013 (D.C. Act 20-204, October 17, 2013, 60 DCR 15341, 20 DCSTAT 2311).
Applicability of D.C. Law 20-61: Section 7154(b) of D.C. Law 20-61 provided that § 7154(a) (which amended § 47-1005.02(a)(1)) shall apply as of September 20, 2012.

References: § 47
 § 47
 § 42
 § 47
 § 47
 § 42
 § 47
 § 7093
 § 7093
 § 7232
 § 7232
 § 102
 § 102
 § 7154
 § 7154
 § 7154
 § 47