Employer-assisted home purchase tax credit.

(a) For the purposes of this section, the term:

(1)

(A) “Area median income” means:

(i) For a household of 4 persons, the area median income for a household of 4 persons in the Washington Metropolitan Statistical Area as set forth in the periodic calculation provided by the United States Department of Housing and Urban Development;

(ii) For a household of 3 persons, 90% of the area median income for a household of 4 persons;

(iii) For a household of 2 persons, 80% of the area median income for a household of 4 persons;

(iv) For a household of one person, 70% of the area median income for a household of 4 persons; and

(v) For a household of more than 4 persons, the area median income for a household of 4 persons, increased by 10% of the area median income for a family of 4 persons for each household member exceeding 4 persons (e.g., the area median income for a family of 5 shall be 110% of the area median income for a family of 4; the area median income for a household of 6 shall be 120% of the area median income for a family of 4).

(B) Any percentage of household income referenced in this title (e.g., 80% of household income) shall be determined through a direct mathematical calculation and shall not take into account any adjustments made by the United States Department of Housing and Urban Development for the purposes of the programs it administers.

(2) “Certified employer-assisted home purchase program” means a program:

(A) Through which an employer provides homeownership assistance to its employees;

(B) Which is provided uniformly to the employees of the employer; provided, that the employer may limit eligibility for the program by establishing a maximum income limit and may limit assistance to new homebuyers; and

(C) Which is certified by the Mayor.

(3) “Eligible employee” means an employee who:

(A) Has been employed by the employer for the prior 12 months;

(B) Is not self-employed;

(C) Is not a member of the board of directors of the employer;

(D) Does not own, directly or indirectly, a majority of the stock of the employer; and

(E) Has a household income equal to or less than 120% of the area median income.

(4) Employer“ means a natural person, corporation, partnership, limited liability company, or other entity that:

(A) Is subject to taxation under § 47-1807.02 or § 47-1808.03 or is exempt from taxation under § 47-1802.01 ; and

(B) Has one or more employees.

(5) “Homeownership assistance” means money provided to an eligible employee by an employer for the down payment or other acquisition costs for the purchase of the principal place of residence of the employee.

(6) “New homebuyer” means an employee (and, if married or in a domestic partnership, the employee’s spouse or domestic partner) who did not own a principal place of residence in the District during the previous 12 months.