Source: https://development.code.dccouncil.us/dc/council/code/sections/47-1005.02.html
Timestamp: 2019-06-16 07:01:22
Document Index: 36686261

Matched Legal Cases: ['§ 47', '§ 47', '§\u200242', '§ 47', '§ 47', '§\u200247', '§ 7132', '§ 7154', '§ 7232', '§ 7093', '§ 42', '§ 47', '§ 7093', '§ 7093', '§ 7232', '§ 7232', '§\u2002102', '§\u2002102', '§\u20027154', '§\u20027154', '§ 47', '§\u20027154', '§ 47']

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.
(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.
(b)(1) The Mayor shall certify to the Office of Tax and Revenue (“OTR”) each owner and property eligible for an exemption. The certification shall identify:
(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.
(Sept. 20, 2012, D.C. Law 19-168, § 7132(b), 59 DCR 8025; Dec. 24, 2013, D.C. Law 20-61, § 7154(a), 60 DCR 12472; Dec. 13, 2017, D.C. Law 22-33, § 7232(b)(2), 64 DCR 7652; Oct. 30, 2018, D.C. Law 22-168, § 7093(b)(3), 65 DCR 9388.)
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).
Section 102 of D.C. Law 19-226 amended subsection (a)(1) of this section to read as follows:
“(a)(1) Property eligible for the low-income housing tax credit provided by section 42 of the Internal Revenue Code, (‘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 tax imposed by Chapter 8 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.”
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.