(a) The real property described as Lots 0024, 0025, 0026, 0038, 0214, 0215, 0923, 0924, and 0925, Square 5730, owned by Allen Chapel African Methodist Episcopal Church, Inc., or by an entity controlled, directly or indirectly, by Allen Chapel African Methodist Episcopal Church, Inc., shall be exempt from the tax imposed by Chapter 8 of this title as long as the real property is owned by Allen Chapel African Methodist Episcopal Church, Inc., or by an entity controlled, directly or indirectly, by Allen Chapel African Methodist Episcopal Church, Inc., and not used for commercial purposes, subject to the provisions of §§ 47-1005, 47-1007, and 47-1009.
(b) The real property described as Lot 0218, Square 5730, including any improvements on the property, which was consolidated from portions of Lots 0038, 0923, and 0924, Square 5730 and which has been transferred from Allen Chapel African Methodist Episcopal Church, Inc., to the Alabama Ave. Affordable Housing, L.P., shall be exempt from the tax imposed by Chapter 8 of this title so long as the real property is used as an affordable rental housing project and is not used for commercial purposes, subject to the provisions of §§ 47-1005, 47-1007, and 47-1009.
(c) The exemption provided in subsection (b) of this section shall run with Lot 0218, Square 5730 and shall apply to any subsequent owner or assignee or successor in interest of the Alabama Ave. Affordable Housing, L.P.; provided, that the property is used as an affordable rental housing project and is not used for commercial purposes.
(d) For the purposes of this section, the term:
(1) “Affordable rental housing project” means a housing development, including tenant services, improvements, and facilities related to the housing development, in which units are primarily rented to households with incomes that are not more than 60% of area median income (adjusted for household size), as defined by the U.S. Department of Housing and Urban Development for households in the District of Columbia, or that is otherwise in compliance with applicable use restrictions during a federal low-income housing tax credit compliance period or other federal program governing income and use restrictions.
(2) “Alabama Ave. Affordable Housing, L.P.” means the entity established by Allen Chapel African Methodist Episcopal Church, Inc., to develop the Alabama Avenue Affordable Rental Housing Project; which entity is comprised of Vision of Victory CDC, a subsidiary of Allen Chapel African Methodist Episcopal Church, Inc., which holds a 51% interest in the entity, and the NHP Foundation, a nonprofit affordable housing developer/owner, which owns a 49% interest in the entity.
(3) “Alabama Avenue Affordable Rental Housing Project” means the acquisition, construction, rehabilitation, equipping, including the financing, refinancing, or reimbursing of costs of an affordable rental housing project, including for any related tenant services, improvements, or facilities, located on the real property described as Lot 0218, Square 5730.
