Tax abatements for new residential developments — Abatement caps

(a) The Mayor may approve up to $2.5 million in annual tax abatements under §§ 47-857.03 and 47-857.05; provided, the Mayor may approve only up to $500,000 in annual tax abatements in fiscal year 2003. (b) The Mayor may approve up to $2 million in annual tax abatements under §§ 47-857.04 and 47-857.06. (c) The Mayor may approve up to $3.5 million in annual tax abatements under §§ 47-857.07 and 47-857.08; provided, that $500,000 shall be reserved for properties in eligible area #4.