Title 47 — Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]
61 chapters · 1,826 sections in this title.
D.C. Code § 47-3501 Findings
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The Council of the District of Columbia finds that: (1) Homeownership can be afforded by very few lower income families in the District of Columbia. (2) Homeownership stabilizes families and, in turn, stabilizes neighborhoods, contributing to improved housing conditions and safer…
D.C. Code § 47-3502 Lower income homeownership households — Qualifications
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(a) In order to qualify as a lower income homeownership household in the District of Columbia, a lower income household must meet the following conditions: (1) The income of the household shall not be in excess of 120% of the lower income guidelines established pursuant to 42 U.S…
D.C. Code § 47-3503 Exemptions for qualifying lower income homeownership households and cooperative housing associations
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(a)(1) Deeds to property transferred to a qualifying lower income homeownership household shall be exempt from the deed recordation tax pursuant to § 42-1102, if it meets the requirements of § 47-3502. (2) Deeds to property transferred to a cooperative housing association, as tha…
D.C. Code § 47-3504 Exemptions for qualifying lower income homeownership households and cooperative housing associations — Administration and enforcement
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(a) The Mayor shall assume that a shared equity financing agreement meets the requirements of §§ 47-3502 and 47-3503 if the persons acquiring qualified ownership interests in the property pursuant to the shared equity financing agreement certify that the agreement is intended to …
D.C. Code § 47-3505 Nonprofit housing organizations — Qualifications; exemptions
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(a) In order to qualify for an exemption under this section, a nonprofit housing organization shall have been approved by the Internal Revenue Service as exempt from federal income tax under 26 U.S.C. § 501(c)(3) or (4). (b) Transfers of property to a qualifying nonprofit housing…
D.C. Code § 47-3506 Administration and enforcement — Qualifying nonprofit housing organizations and cooperative housing associations
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(a)(1) If a qualifying nonprofit housing organization fails to transfer the property within 36 months as required by § 47-3505, the Mayor shall disallow the exemptions provided by § 47-3505 and the organization shall pay to the Mayor: (A) The total tax which would have been due w…
D.C. Code § 47-3506.01 Resident management corporations — Qualifications; exemptions
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(a) In order to qualify for an exemption under this section, a resident management corporation shall meet the requirements of section 20 of the United States Housing Act of 1937 (42 U.S.C. § 1437r). (b) Real property transferred to a qualifying resident management corporation pur…
D.C. Code § 47-3507 Certification of program providing low income rental housing
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For the purposes of qualifying for the depreciation deduction provided by 26 U.S.C. § 167(k)(2)(B) , an investor in a shared equity financing agreement, which qualifies for the benefits provided by the Lower Income Homeownership Tax Abatement and Incentives Act of 1983, and who m…
D.C. Code § 47-3508 Regulations
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The Mayor may promulgate regulations to carry out the purposes of this chapter.