Bill > B26-0685

This bill amends the 151 Q Street Residential Economic Development Act of 2008 to grant a real property tax exemption for the property located at 151 Q Street, N.E., specifically on Lots 816, 817, 818, 819, and 820 in Square 3576. This exemption, which applies to the "Owner," defined as 151 Q Street Preservation LLC and its successors, will begin in Tax Year 2031 and last for 10 consecutive years, with a total aggregate cap of $21 million. The exemption is contingent upon the owner addressing any existing building code violations and paying outstanding fines before October 2031, and subsequently undertaking ongoing capital improvements and routine replacements to maintain and improve living conditions, including timely addressing of new infractions and maintaining common areas and building systems. The bill also specifies requirements for affordable housing units within the "151 Q Street Residential Project," with a portion designated for individuals and families earning up to 80% of the Area Median Income (AMI) and another portion for those earning up to 60% of the AMI, with corresponding rent limitations. The exemption is in addition to any other tax relief and does not prevent the owner from utilizing other economic incentives or contesting tax assessments.