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Mu Lambda Foundation seeks property tax exemption for Bloomingdale community anchor; OCFO says exemption not financially necessary
Summary
Mu Lambda Foundation president John Wilson asked the Committee for a real property tax exemption for 2405 1st St. NW, citing programs for students and community services; the Office of the Chief Financial Officer reviewed financials and concluded the exemption is not financially necessary and recommended conditioning any exemption on charitable use.
John A. Wilson, president of the Mu Lambda Foundation, told the Committee the Bloomingdale site at 2405 1st Street NW serves as the organization’s operational headquarters and community anchor for mentoring, SAT preparation, scholarships and meal programs. "The property serves as the operational headquarters for the Mu Lambda Foundation, a 501(c)(3) public charity located in Washington, D.C.," Wilson said, and he described programmatic activities that he said would be constrained by the property tax burden.
Rick Liu, senior policy analyst at the Office of the Chief Financial Officer, said the OCFO reviewed financial statements and projections and concluded the applicant appears able to meet property obligations without the exemption. OCFO estimated the exemption’s value at roughly $66,955 during the current financial plan period and recommended statutory language be amended to condition the exemption on the property’s continued charitable and educational use.
