District Of Columbia § 47-4607 - Parkside Terrace development project — Tax exemptions.
Full text of District Of Columbia D.C. Code § 47-4607 — Parkside Terrace development project — Tax exemptions., with citation guidance and answers to common questions.
§ 47-4607. Parkside Terrace development project — Tax exemptions.
47-4607For the purposes of this section, the term:
“Affordable rental housing project” means a housing development in which units are rented to occupying households with not more than 80% of area median income (adjusted for household size) for a rent not exceeding 30% of household income as such amounts are determined by the United States Department of Housing and Urban Development.
“Developer Sponsor” means Parkside Terrace Development LLC, its successors and affiliates.
“Parkside Terrace project” means the acquisition, development, construction, installation, and equipping, including the financing, refinancing, or reimbursing of costs incurred therefor, of the mixed-use apartment house and townhouse project located on the Parkside Terrace property, consisting of:
A 12-story building expected to contain approximately 325 rental apartment and condominium units on the Parkside Terrace property;
Approximately 30 townhouse units expected to be built on currently vacant land on the Parkside Terrace property; and
Other ancillary improvements.
“Parkside Terrace property” means the real property, including any improvements thereon, located in Square 5926, Lot 3 (or as the land for such lots may be subdivided into a record lot or lots or assessment and taxation lots in the future).
The following conveyances with respect to the Parkside Terrace project shall be exempt from the tax imposed by §§ and :
Any conveyances to the developer sponsor; and
Any conveyances from the developer sponsor to an entity for any portion of the Parkside Terrace project which is to be operated as an affordable rental housing project.
The sales and rental of tangible personal property to be incorporated in or consumed in the Parkside Terrace project, whether or not the sale, rental, or nature of the material or tangible personal property is incorporated as a permanent part of the Parkside Terrace project or the Parkside Terrace property, shall be exempt from the tax imposed by .
The Parkside Terrace property shall be exempt from the tax imposed by Chapter 8 [of this title].
The real property tax exemption granted by paragraph (1) of this subsection shall apply:
To the portion of the Parkside Terrace property expected to be developed into an affordable rental housing project only so long as such portion of the property is operated as an affordable rental housing project; and
To those portions of the Parkside Terrace property which are expected to be developed into for-sale condominium and townhouse units only until such portions of the property are transferred by the Developer Sponsor.
The Parkside Terrace project shall be exempt from any public space permit fees imposed by .
The exemptions pursuant to subsections (c) and (d) of this section shall be in addition to, and not in lieu of, any other tax relief or assistance from any other source applicable to the Parkside Terrace project or the Parkside Terrace property and shall not exceed, in the aggregate, $6 million.
This section shall not prevent or restrict the Developer Sponsor from utilizing any other tax, development, or other economic incentives available to the Parkside Terrace project or the Parkside Terrace property.
Annotations
“(b) Section 47-4607(d) shall apply as of October 1, 2004. Any amounts paid on or after October 1, 2004 shall be refunded.”
“(a) Section 47-4607(b) and (e) shall apply as of October 1, 2005. Any amounts paid with respect to conveyances or public space permits fees on or after October 1, 2005 shall be refunded.
“Sec. 3. Applicability.
Section 3 of , as amended by section 106 of , provided:
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 47-4607
What does D.C. Code § 47-4607 cover?
Section 47-4607 ("Parkside Terrace development project — Tax exemptions.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 47-4607?
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Is this the official text of District Of Columbia law?
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How does District Of Columbia § 47-4607 apply to my situation?
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Sources & Verification
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