NCBA Housing Development Corporation of the District of Columbia and Samuel J. Simmons NCBA Estates No. 1 Limited Partnership; Lot 78, Square 2855.

(a) 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. (b) The exemption under subsection (a) of this section shall be subject to the provisions of §§ 47-1005 , 47-1007 , and 47-1009 . (c) 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 .