Abatement of real property taxes for 2 M Street, N.E.

(a) Beginning October 1, 2014, the tax imposed by Chapter 8 of this title on the real property described as Lot 258, Square 672, and any improvements thereon, shall be abated for 10 years; provided, that:

(1) The aggregate amount of the abatement shall not exceed $5.76 million; and

(2) The Federal Housing Administration shall have approved an application for mortgage insurance under section 221(d)(4) of the National Housing Act, approved August 2, 1954 (68 Stat. 599; 12 U.S.C. § 1715 (d)(4)), for the financing of the acquisition or construction of land improvements for the 2 M Street, N.E., project.

(b) The owner of the real property shall certify to the Office of Tax and Revenue that the project’s application for mortgage insurance has been approved and shall inform the Office of Tax and Revenue if approval has been withheld.