For the purposes of this section, the term “low-income” means annual household income, as determined by the Mayor, no greater than 80% of the area median income, as defined in § 42-2801(1) ). An owner who converts a housing accommodation, including vacant buildings, into a condominium or a cooperative shall pay the Mayor a conversion fee of 5% of the sales price for each condominium unit, or proportionate value of the cooperative residence, within the housing accommodation. The Mayor shall not require a conversion fee for a condominium unit, or the proportionate share value of a cooperative residence, that: Is sold to a low-income household; Is sold to a member of a household who, as determined by the Mayor: Has maintained a rental unit in the building complex as the principal place of residence for at least one year prior to the owner’s application to the Mayor for conversion of the housing accommodation to a condominium or cooperative; Is a domiciliary of the District of Columbia; and Is entitled to the possession, occupancy, or benefits of the rental unit. If an owner seeks an exemption under this paragraph, the member of the household may elect to purchase any unit in the housing accommodation in lieu of her current unit; Is sold to a person who: Is 62 years of age or older; or Has a disability as defined in § 42-3402.08(c)(1)(B)(ii) ; and Does not have a total annual household income, as determined by the Mayor, greater than 100% of the area median income, as defined in § 42-2801(1) ; or Is sold as part of a conversion of a property that has been registered as vacant for at least 12 months prior to conversion; and Is part of a building complex not exceeding 10 units. The conversion fee required by subsection (a-1) of this section shall be paid in full into an escrow account at the time of settlement on the sale of the condominium unit or cooperative share. The escrow agent shall submit the conversion fee to the Mayor within 30 business days of settlement, together with a copy of the recordation and transfer tax form reflecting the sale price of each condominium unit or cooperative share. The name, address, and telephone number of the escrow agent shall be stated on the deed or on a form attached to the deed. The Mayor may impose civil fines, penalties, and fees for failure to submit the conversion fee to the Mayor, any infraction of the provisions of this section, or any rules issued under the authority of this section pursuant to Chapter 18 of Title 2 [ § 2-1801 et seq.]. Adjudication of any infraction of this chapter shall be pursuant to Chapter 18 of Title 2 [ § 2-1801 et seq.]. No portion of the conversion fee required under this section shall be included in the purchase price of units exempted from the conversion fee in subsection (b) of this section. Repealed.
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