Legislation in District of Columbia Would Deliver Tax Exemption to Nonprofits
The District of Columbia Council approved budget support legislation that included a tax exemption for low-income housing tax credit (LIHTC) properties owned or controlled by nonprofit organizations. B24-0285 includes an exemption from deed, recordation, real property tax and payment-in-lieu-of-taxes for property financed with LIHTCs. The exemption is for properties acquired between Oct. 1, 2012, and leased before Oct. 1, 2021. The bill awaits the signature of D.C. Mayor Muriel Bowser.
Stay up to date on affordable housing at the Novogradac 2021 Affordable Housing Tax Credit and Bond Conference, Sept. 30-Oct. 1 in Nashville, Tennessee.