(a) Subject to § 47-858.02 and subsection (b) of this section, if an eligible owner of a single family residential property in an enterprise zone substantially rehabilitates the property after the effective date of this section [April 19, 2002] and before October 1, 2007, the real property tax imposed by § 47-811 shall, for the tax year in which the substantial rehabilitation is completed, be reduced $50 for each $1,000 of expended on the substantial rehabilitation; provided:
(1) The owner is subject to the income tax imposed by § 47-1806.03;
(2) The improvements are completed after October 1, 2002;
(3) The owner completes the substantial rehabilitation of the property for which the reduction is granted within 36 months after receiving the approval of the Mayor under § 47-858.02;
(4) The reduction in the tax imposed by § 47-1806.03 shall not exceed $5,000.
(b) The amount of the reduction allowed during a tax year under this section shall not exceed 50% of the real property tax that was imposed on the real property by § 47-811 during the prior tax year. If the amount of the reduction exceeds 50% of the tax imposed during the prior tax year, the unused amount of the reduction may be carried forward for 5 tax years
(c) The Mayor may approve up to $1 million in tax credits under § 47-858.04.
This section is referenced in § 47-858.02.