Bill > B25-0915

This bill amends Chapter 46 of Title 47 of the District of Columbia Official Code to provide a real property tax abatement for the property located at 1333 M Street, SE (the "1333 M Street, SE Property"). The tax abatement, which will apply for 15 consecutive real property tax years beginning on October 1, 2028, will be equal to the amount of the real property taxes assessed and imposed, in excess of $150,000 per year. To qualify for the abatement, the developer, FRF Land Owner LLC, must set aside a minimum of 12% of the residential gross floor area of the 1333 M Street, SE project for households earning equal to or less than 60% of the median family income, and must have constructed or be in the process of constructing certain public space improvements that provide benefits to the neighborhood.