D.C. Code § 47-3507

Current through codified legislation effective October 30, 2024

Section 47-3507 - Certification of program providing low income rental housing

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 meets the other requirements of 26 U.S.C. § 167(k)(2)(B) , shall be deemed to have conducted rehabilitation pursuant to a program certified by the District of Columbia government if the investor certifies to the Mayor the amount of the rehabilitation expenditures.

D.C. Code § 47-3507

Oct. 8, 1983, D.C. Law 5-31, § 8, 30 DCR 3879; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.

Mayor authorized to issue rules: Section 9 of D.C. Law 5-31 provided that the Mayor shall issue rules necessary to carry out the provisions of §§ 47-3502 to 47-3507.

Income and franchise taxes, deductions, depreciation, see § 47-1803.03. .