§ 47–1099.07. St. Paul on Fourth Street, Inc.; Lots 1068 and 1069, Square 3648.

(a) The real property located at 3015 4th Street, N.E., and described as Lots 1068 and 1069 in Square 3648, ("real property") shall be exempt from real property taxation and possessory interest taxation so long as the real property continues to be owned by St. Paul on Fourth Street, Inc. and is used, or, if vacant, held for use, by one or more District of Columbia public charter schools or by one or more educational or faith-based nonprofit entities.

(b) Any transfer, assignment, or other disposition of all or any portion of the real property, including a transfer of the real property by or to St. Paul on 4th Street, Inc., or a deed of trust or other security instrument with respect to the real property granted by St. Paul on Fourth Street, Inc. to a lender, shall be exempt from the tax imposed by § 42-1103 and § 47-903.