If a qualifying nonprofit housing organization fails to transfer the property within 36 months as required by § 47-3505 , the Mayor shall disallow the exemptions provided by § 47-3505 and the organization shall pay to the Mayor: The total tax which would have been due without the exemption; Interest at the rate of 11/4% per month, or fraction of a month, from the date prescribed for the payment of the tax without regard to the exemptions until the date paid; and A penalty equal to 10% of the tax. The Mayor may, for good cause shown, extend the time for transfer of the property for an additional period not to exceed 6 months, if the cooperative housing association files a request for extension, in writing, with the Mayor within 30 days after the expiration of the 36-month period. If a cooperative housing association fails to qualify for the real property tax exemption within 36 months as required by § 47-3503 , the Mayor shall disallow the exemption provided by § 47-3503 and the association shall pay to the Mayor: The total tax which would have been due without the exemptions; Interest at the rate of 11/4% per month, or fraction of a month, from the date prescribed for the payment of the tax without regard to the exemptions until the date paid; and A penalty equal to 10% of the tax. The Mayor may, for good cause shown, extend the time for transfer of the property for an additional period not to exceed 6 months, if the cooperative housing association files a request for extension, in writing, with the Mayor within 30 days after the expiration of the 36-month period. If an association or organization shall willfully make a false statement concerning any information required to be supplied on the certification under § 47-3503 or § 47-3505 , the association or organization shall be deemed guilty of the offense of making false statements and, upon conviction, shall be subject to the penalty for that offense provided in § 22-2405(b) .
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