Mu Lambda Foundation, Inc. Real Property Tax Exemption Act of 2024

This bill proposes to exempt the headquarters of the Mu Lambda Foundation, Inc., located at 2405 First Street, NW, from real property taxes for thirty years. The foundation, a philanthropic group run by a chapter of Alpha Phi Alpha Fraternity, uses the property to support programs like scholarships, mentorship, and voter education for District youth. By removing the tax burden on this specific building, the legislation aims to free up funds that would otherwise be spent on taxes, allowing the organization to continue its community work. The exemption applies only as long as the foundation retains ownership of the property and is scheduled to run from January 1, 2025, through January 1, 2055.