Computation of tax; annual adjustment; limitations — Cooperative housing associations.

(a) For purposes of computing taxes on real property in the District of Columbia, Class 1 Property owned by a cooperative housing association shall be allowed a credit against the tax imposed under § 47-811 .

(b) The credit shall not be allowed for Class 1 Property owned by a cooperative housing association if the Class 1 Property:

(1) Has 3 or fewer dwelling units; or

(2) Receives trash collection services provided by the Mayor other than the collection of recyclable materials provided pursuant to Chapter 10 of Title 8 .

(c) The credit shall be an amount equal to $60 multiplied by the number of dwelling units that are occupied by the shareholders or members of the cooperative housing association. The credit shall be adjusted annually beginning in the tax year beginning July 1, 1992, and ending June 30, 1993, and in each subsequent tax year, in accordance with subsection (d) of this section.