Kelsey Gardens redevelopment project.

(a) The real property taxes imposed by Chapter 8 of this title [ § 47-801 et seq.] with respect to the real property described as Lots 67 and 68, Square 421, in the tax records of the District of Columbia as of [December 17, 2009], shall be abated in the amount in excess of the amount of the real property taxes imposed on the property as of October 1, 2009; provided, that the improvements on the real property project shall:

(1) Contain no less than 54 units of affordable housing for residents making 60% or less of current area median income;

(2) Contain approximately 13,363 square feet of ground-level retail space; and

(3) Have secured a mortgage from the U.S. Department of Housing and Urban Development or any other commercial mortgage entity for the development of this project.

(b) The real property tax abatement provided in subsection (a) of this section shall expire at the stated maturity date of a mortgage from the U.S. Department of Housing and Urban Development or in the event of other commercial financing the tax abatement commences with fiscal year 2010 and ends with the stated expiration date of the initial permanent mortgage without regard to prepayment or earlier termination; provided, that compliance with use restrictions provided in subsection (a) of this section continues following any such prepayment or earlier termination.