(a) The real estate described for assessment and taxation purposes as lot 20, square 222, in the District of Columbia, and the buildings located thereon, owned by National Community Reinvestment Coalition, Inc., a District of Columbia nonprofit corporation, is hereby exempt from taxation for that portion of property owned by the National Community Reinvestment Coalition and occupied and used by the National Community Reinvestment Coalition or its nonprofit tenants to the extent that the property continues to be so owned and occupied, and not used for commercial purposes, subject to the provisions of §§ 47-1007 and 47-1009.
(b)(1)(A) Subject to paragraph (2) of this subsection:
(i) The real property described as Lot 37, Square 221, and the buildings thereon ("Property"), shall be exempt from real property taxation so long as the Property is owned by the National Community Reinvestment Coalition ("NCRC") or a direct or indirect wholly owned subsidiary of NCRC, and used for the purposes and activities of NCRC, the direct or indirect wholly owned subsidiary of NCRC, or the nonprofit tenants of NCRC, and 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 under this chapter; and
(ii) A deed granted to or transferred from NCRC, or a direct or indirect wholly owned subsidiary of NCRC, with respect to:
(I) The Property, shall be exempt from recordation or transfer tax as if the Property was entitled to or receiving an exemption under § 47-1002 during the time and to the extent that the Property is entitled to exemption under sub-subparagraph (i) of this subparagraph; and
(II) Lot 20 in Square 222, shall be exempt from recordation or transfer tax as if the Property was entitled to or receiving an exemption under § 47-1002 during the time and to the extent that Lot 20 in Square 222 is entitled to exemption under subsection (a) of this section.
(B) For the purposes of subparagraph (A)(ii) of this paragraph, the term "deed" shall have the same meaning as provided in § 42-1101(3)).
(2)(A) The exemptions provided under this subsection and the forgiveness provided under section 3 of the National Community Reinvestment Coalition Real Property Tax Exemption Amendment Act of 2018, passed on 2nd reading on January 9, 2018 (Enrolled version of Bill 22-521)("NCRC Tax Act"), shall be contingent upon NCRC, one or more direct or indirect subsidiaries of NCRC, or one or more company affiliates of NCRC, beginning with the tax year that this subsection and subsection (c) are applicable, investing through equity or debt financing at least $10 million in affordable-housing development and preservation and, in addition to the $10 million, at least $1.5 million in the development of entrepreneurship, with a priority given to returning citizens, over 10 consecutive real property tax years ("commitment").
(B) Each applicant for entrepreneurial assistance shall be required to meet federally mandated minimum underwriting standards, as required by 12 C.F.R. § 614.4150 (1997), for any loan provided pursuant to subparagraph (A) of this paragraph.
(C) For the purposes of this paragraph, the term:
(i) "Company affiliate" means a company that is less than 50% owned by NCRC, or is in some way related to NCRC.
(ii) "Returning citizens" means persons who are residents of the District who were previously incarcerated.
(c)(1) By January 1 of the year following the year that NCRC has fulfilled the commitment as described in subsection (b)(2) of this section or of the expiration of the 10-year commitment period described in subsection (b)(2) of this section, whichever is earlier, NCRC shall submit a report to the Mayor detailing its compliance, or the extent of its compliance, with the commitment.
(2) Within 60 days after the report required by paragraph (1) of this subsection is filed, the Mayor shall certify to the Office of Tax and Revenue that the commitment has been satisfied or has not been satisfied, whichever applies.
(3) If the commitment has not been satisfied, all real property, recordation, and transfer taxes, together with all penalties and interest that was forgiven pursuant to section 3 of the NCRC Tax Act or exempted pursuant to subsection (b) of this section shall be due and payable to the District of Columbia and such taxes, penalties, and interest shall be a lien against the Property to secure repayment of such amounts; provided, that recordation and transfer taxes may also be collected as otherwise provided by law.
This section is referenced in § 38-2972.01.
Section 7025 of D.C. Law 22-168 repealed section 4 of D.C. Law 22-76 amending the applicability restriction impacting this section. Therefore the amendments of this section by D.C. Law 22-76 have been implemented.
Applicability of D.C. Law 22-76: § 4 of D.C. Law 22-76 provided that the change made to this section by § 2 of D.C. Law 22-76 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.