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District of Columbia Code Division VIII. General Laws. § 47-1096. N Street Village, Inc., Lot 93, Square 242.

Current as of January 01, 2024 | Updated by Findlaw Staff

<Text of section applicable upon the date of inclusion of its fiscal effect in an approved budget and financial plan.>

(a) Lot 93 in Square 242, located at 1301 14th Street, N.W. (“Property”), shall be exempt from all taxation so long as the Property, or any lots created out of Lot 93, continues to be used for affordable housing as described in § 47-1005.02(a)(1), for supportive services for tenants of the affordable housing and other people of low income, and for offices and parking on the Property, and is not used for commercial purposes, subject to the provisions of §§ 47-1005, 47-1007, and 47-1009 as if the exemption had been granted administratively, and, except as provided in subsection (b) of this section, the owner of the Property continues to be:

(1) N Street Village, Inc.;

(2) Luther Place Memorial Church; or

(3) An entity controlled, directly or indirectly, by N Street Village, Inc. or Luther Place Memorial Church.

(b)(1) The conveyance of the Property by a deed to an owner that meets the requirements described in subsection (a) of this section, or a deed of trust granted by such an owner to secure a loan, shall be exempt from the:

(A) Tax imposed by Chapter 11 of Title 42;

(B) Tax imposed by Chapter 9 of Title 47; and

(C) Chapter 34 of Title 42.

(2) For the purposes of this subsection, the term “deed” shall have the same meaning as provided in § 42-1101(3).

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Cite this article: FindLaw.com - District of Columbia Code Division VIII. General Laws. § 47-1096. N Street Village, Inc., Lot 93, Square 242. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-viii-general-laws/dc-code-sect-47-1096/

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