(a) In order to qualify for an exemption under this section, a resident management corporation shall meet the requirements of section 20 of the United States Housing Act of 1937 (42 U.S.C. § 1437r).
(b) Real property transferred to a qualifying resident management corporation pursuant, to section 21 of the United States Housing Act of 1937 (42 U.S.C. 1437s), shall be exempt from:
(1) The deed recordation tax pursuant to § 42-1102;
(2) The transfer tax pursuant to § 47-902; and
(3) The real property tax pursuant to § 47-1002, through the end of the 10th tax year following the year in which the property is transferred to the resident management corporation.
(c) This section shall apply to real property transferred to all qualifying resident management corporations on, before, or after June 11, 1992. Any taxes owed by a qualifying resident management corporation prior to the enactment of the Public Housing Homeownership Tax Abatement Amendment Act of 1992, which are exempted by the Public Housing Homeownership Tax Abatement Amendment Act of 1992, shall be forgiven. Any taxes paid by a qualifying resident management corporation prior to the enactment of the Public Housing Homeownership Tax Abatement Amendment Act of 1992, which are exempted by the Public Housing Homeownership Tax Abatement Amendment Act of 1992, shall be refunded.
(Oct. 8, 1983, D.C. Law 5-31, § 7a; as added June 11, 1992, D.C. Law 9-120, § 2, 39 DCR 3195; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)
Prior Codifications1981 Ed., § 47-3506.1.
Section ReferencesThis section is referenced in § 42-1102, § 47-902, and § 47-1002.
Cross ReferencesDeeds, recordation tax, exempt deeds, see § 42-1102.
Real property exempt from taxation, enumerated, see § 47-1002.
Real property transfer tax, exempt transfers, see § 47-902.
References in TextThe “Public Housing Homeownership Tax Abatement Amendment Act of 1992,” referred to in four places in (c), is D.C. Law 9-120, codified as §§ 34-2413.02, 34-2105.05, 42-1102, 47-902, 47-1002 and this section.
Editor's NotesMayor authorized to issue rules: Section 5 of D.C. Law 9-120 provided that the Mayor may issue rules to implement the provisions of the act.