Far Southeast Community Organization; lots 73, 74, and 75 in square 5753.

(a) For the purposes of this section, the term “inclusive housing” means a housing development in which all units are rented to occupying households with not more than 80% of area median income (adjusted for household size) for a rent not exceeding 30% of household income as such amounts are determined by the United States Department of Housing and Urban Development.

(b) The real property located at lots 73, 74, and 75, square 5753, shall be exempt from taxation so long as the property is owned by Far Southeast Community Organization and the property is used for inclusive housing. If the real property is sold or is not used for the purpose of inclusive housing, the exemption shall terminate as of the beginning of the year in which the sale or non-compliant use occurred; provided, that if the real property ceases to be used for the purpose of inclusive housing less than 15 years after the effective date of this section [March 14, 2007]:

(1) The exemption shall terminate as of the effective date of this section [March 14, 2007] and the amount of taxes exempted under this section shall become due; and

(2) This subsection shall constitute a lien against the property to secure the repayment of such amount, plus interest accruing thereon.