(a) Beginning October 1, 2014, the tax imposed by Chapter 8 of this title on the real property described as Lot 258, Square 672, and any improvements thereon, shall be abated for 10 years; provided, that:
(1) The aggregate amount of the abatement shall not exceed $5.76 million; and
(2) The Federal Housing Administration shall have approved an application for mortgage insurance under section 221(d)(4) of the National Housing Act, approved August 2, 1954 (68 Stat. 599; 12 U.S.C. § 1715 (d)(4)), for the financing of the acquisition or construction of land improvements for the 2 M Street, N.E., project.
(b) The owner of the real property shall certify to the Office of Tax and Revenue that the project's application for mortgage insurance has been approved and shall inform the Office of Tax and Revenue if approval has been withheld.
CREDIT(S)
(Apr. 8, 2011, D.C. Law 18-355, § 2(b), 58 DCR 758.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
Law 18-355, the “2 M Street, N.E., Real Property Tax Abatement Act of 2010”, was introduced in Council and assigned Bill No. 18-1041, which was referred to the Committee on Finance and Revenue. The Bill was adopted on first and second readings on December 7, 2010, and December 21, 2010, respectively. Signed by the Mayor on January 19, 2011, it was assigned Act No. 18-705 and transmitted to both Houses of Congress for its review. D.C. Law 18-355 became effective on April 8, 2011.