The Elizabeth Ministry, Inc. Affordable Housing Initiative; Lots 140 and 141, Square 5252.

(a) The real property described as Lots 140 and 141 in Square 5252, shall be exempt from the taxation imposed under Chapter 8 of this title during the time that the real property is subject to, and in compliance with, a restrictive covenant or regulatory agreement associated with an affordable housing program that is fully or partially funded by the District or an instrumentality of the District, including the Department of Housing and Community Development, restricting the use of the real property to affordable housing for low-income residents and a child development center; provided, that at the beginning of the 31st real property tax year following the commencement of the exemption, the tax shall be abated to the extent it exceeds 10% of the tax otherwise levied under Chapter 8 of this title , with the tax liability increasing 10 percentage points in each subsequent real property tax year until the tax equals 100% of the tax levied under Chapter 8 of this title .

(b) The exemption provided by subsection (a) of this section shall be subject to §§ 47-1005 , 47-1007 , and 47-1009 as if it had been granted administratively.