The Park 7 Affordable Housing Preservation Tax Abatement Amendment Act of 2026 establishes a real property tax abatement for the property at 4020 Minnesota Avenue, N.E., contingent upon the owner, Park 7 Residential Limited Partnership, making qualifying capital improvements equal to or exceeding the value of the abatement. The bill sets forth requirements for maintaining the affordability of residential units, compliance with District laws, and mandates reporting and certification obligations. The Mayor is empowered to suspend, terminate, or recapture the tax abatement if these conditions are not fulfilled.

Additionally, the bill introduces a new section in the District of Columbia Official Code that defines key terms related to the tax abatement and specifies that the property is eligible for an annual tax abatement for seven consecutive years, with a maximum total of $1,610,000. Property owners must submit an annual report detailing the tax abated, capital expenditures, and progress on improvements, which the Mayor must make publicly available. The legislation also allows property owners to combine tax abatements with other financial assistance, while ensuring that expenditures are not counted more than once towards the required investment. The act will take effect once its fiscal impact is included in an approved budget and is subject to a 30-day congressional review period after the Mayor's approval.