PR 26-0685 — Reservoir District Tax Exemption Emergency Declaration Resolution of 2026

2ENROLLED _____________________________ORIGINAL Councilmember Zachary Parker 5 7 A PROPOSED RESOLUTION 926-401 ______________ IN THE COUNCIL OF THE DISTRICT OF COLUMBIA __________________May 5, 2026 To declare the existence of an emergency with respect to the need to amend section §47–47-4683 4683 of the District of Columbia Official Code to ensure the continued financial viability of the Reservoir District by aligning the project’s tax exemption framework with its financing assumptions.

(b) Section §47–468347-4683 of the District of Columbia Official Code provides a tax exemption for Reservoir District Parcels 2 and 4, a critical component of the project’s financing.

(c) The project’s Tax Abatement Financial Analysis (“TAFA”) was structured using the 80 Percent Income Limit Category of the Multifamily Tax Subsidy Project Income Limits established annually by the United States Department of Housing and Urban Development (“HUD”) as the basis for projected residential revenue.

(f) The proposed amendmentemergency legislation provides a tailored correction that would allow the project to operate using the 80 Percent Income Limit Category of the Multifamily Tax Subsidy Project Income Limits established annually by HUD, as contemplated in its TAFA.

ENROLLED ORIGINAL Sec.

The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances,circumstances making it necessary that the FidelityReservoir inDistrict ComplianceTax ofExemption Contracting and Procurement Emergency Amendment Act of 20212026 be adopted after a single reading.