Tax abatements for new residential developments — Tax abatement for all new housing projects in Housing Priority Area.

(b)

(1) For the purposes of this subsection, the term “downtown area” means:

(A) The area described in section 199 of title 10 of the District of Columbia Municipal Regulations (10 DCMR § 199) and designated on the District of Columbia Generalized Land Use Policies Map; and

(B) Eligible area #2.

(2) If a project eligible for the real property tax abatement under this section breaks ground on or after January 1, 2005 (as certified by the project architect and the Mayor), the tax abatement may be applied, assigned, conveyed, or otherwise transferred (“transferred”) by the owner of the real property or project (or by the owner’s designee) and the time period at which the tax abatement commences may be delayed until the transfer and shall continue for 10 years after the date of transfer; provided, that:

(A) The tax abatement shall be $0.89 per rentable, or usable, residential FAR square foot of the eligible real property; provided, that if the project known as Quincy Court, located at 1117 10th Street, N.W., requests participation under § 47-857.04(b) by a letter to the Deputy Mayor for Planning and Economic Development, or his or her successor, prior to December 31, 2005, the tax abatement shall be $0.905 per rentable, or usable, residential FAR square foot of the eligible real property;

(B) The tax abatement may be transferred by the owner:

(i) To reduce real property taxes imposed upon any residential project in the downtown area or eligible area #2; or

(ii) To reduce real property taxes imposed upon any commercial project in the downtown area or eligible area #2; and

(3) The tax abatement may be transferred within:

(A) Five years after receipt by the eligible project of a final certificate of occupancy issued for the entirety of the project; or

(B) Within one year after the final certificate of occupancy is issued for the project to which the abatement is transferred.

(c) The Mayor shall be deemed to have certified the groundbreaking if the Deputy Mayor for Planning and Economic Development, or his or her successor, issues a letter certifying the groundbreaking or 20 business days pass after the date of the receipt of a request for the certification by the Deputy Mayor for Planning and Economic Development, or his or her successor, from the project developer; provided, that the request includes a certification by the project architect of the groundbreaking date of the residential project and the Deputy Mayor for Planning and Economic Development, or his or her successor, does not reject the request or request further information.