The real property, described as Lot 78, Square 2855 (“real property”), which will be transferred from NCBA Housing Development Corporation of the District of Columbia, a District of Columbia nonprofit corporation, to Samuel J. Simmons NCBA Estates No. 1 Limited Partnership, shall be exempt from the tax imposed by Chapter 8 of this title so long as the real property is owned by Samuel J. Simmons NCBA Estates No. 1 Limited Partnership, or its successors and assigns, and is used to provide housing for low-income and moderate-income elderly District residents. The exemption under subsection (a) of this section shall be subject to the provisions of §§ 47-1005 , 47-1007 , and 47-1009 . The conveyance of the real property from NCBA Housing Development Corporation of the District of Columbia to Samuel J. Simmons NCBA Estates No. 1 Limited Partnership shall be exempt from the tax imposed by § 42-1103 and § 47-903 .
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