Bill Summary – FastDemocracy

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                                                                     Councilmember Vincent C. Gray

                                                  A BILL

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                         IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

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 To amend Chapter 46 of Title 47 of the District of Columbia Official Code to provide an

       extension of the real property tax abatement to the 2323 Pennsylvania Avenue, S.E.

       redevelopment project, described as Lot 0055 in Square 5560.

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         BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this

 act may be cited as the 2323 Pennsylvania Avenue Southeast Redevelopment Project Real

 Property Limited Tax Abatement Act of 2021.

         Sec. 2. Section 47-4638 of the District of Columbia Official Code is amended as follows:

         (a) The existing language is designated as subsection (a)

         (b) Subsection (a) is amended by striking the phrase 10 years. and inserting the phrase

 51 years. in its place.

         (c) A new subsection (b) is added to read as follows:

         (b) The tax abatement shall remain in effect for the 40-year period following the

 effective date of the 2323 Pennsylvania Avenue Southeast Redevelopment Project Real Property

 Limited Tax Abatement Act of 2021, introduced on October 6, 2021. The real property shall be

 deed-restricted in perpetuity such that the apartment units are leased as work-force housing to

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 tenants whose income does not exceed 80% of area median income for the Washington

 Metropolitan Statistical Area as determined by the U.S. Department of Housing and Urban

 Development pursuant to Section 42 of Internal Revenue Code..

        Sec. 3. Fiscal Impact Statement.

        The Council adopts the fiscal impact statement as the fiscal impact statement in the

 committee report as the fiscal impact statement required by section 4a of the General Legislative

 Procedures Act of 1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code  1-

 301.47a).

        Sec. 4. Effective Date.

        This act shall take effect following approval by the Mayor (or in the event of veto by the

 Mayor, action by the Council to override the veto), a 30-day period of congressional review as

 provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December

 24, 1973 (87 Stat. 813; D.C. Official Code  1-206.02(c)(1)), and publication in the District of

 Columbia Register.

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