Certification of program providing low income rental housing.
For the purposes of qualifying for the depreciation deduction provided by 26 U.S.C. § 167(k)(2)(B) , an investor in a shared equity financing agreement, which qualifies for the benefits provided by the Lower Income Homeownership Tax Abatement and Incentives Act of 1983, and who meets the other requirements of 26 U.S.C. § 167(k)(2)(B) , shall be deemed to have conducted rehabilitation pursuant to a program certified by the District of Columbia government if the investor certifies to the Mayor the amount of the rehabilitation expenditures.
Annotations
Oct. 8, 1983, D.C. Law 5-31, § 8, 30 DCR 3879 enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575 Mayor authorized to issue rules: Section 9 of D.C. Law 5-31 provided that the Mayor shall issue rules necessary to carry out the provisions of §§ 47-3502 to 47-3507. Delegation of authority under Law 5-31, see Mayor’s Order 83-270, November 16, 1983. The “Lower Income Homeownership Tax Abatement and Incentives Act of 1983,” referred to in this section, is D.C. Law 5-31. 1981 Ed., § 47-3507. This section is referenced in § 47-1803.03. Income and franchise taxes, deductions, depreciation, see § 47-1803.03.
Sourced from the DC Council Open Law Library (public domain).
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