Tax abatements for new residential developments — Tax abatement for all new housing projects in NoMA.

For all Eligible Real Properties certified under § 47-859.02 , there shall be allowed as an abatement of the real property tax imposed by § 47-811 an amount computed as follows: $1.50 per residential FAR square foot, multiplied by the building’s total residential FAR square footage as certified by the project architect and the Mayor; provided, that:

(1) The tax abatement shall expire at the end of the 10th tax year after the tax year in which a certificate of occupancy is issued for the Eligible Real Property.

(2) If, during a tax year for which the tax abatement is approved, the Eligible Real Property for which the abatement was granted contains fewer than 10 dwelling units, the tax abatement shall not be allowed.