(Added by Ord. No. 171,644, Eff. 8/2/97.)
(a) In the case of any realty held by a non-profit corporation, no levy shall be imposed pursuant to this article by reason of any transfer of the realty, if:
(1) The realty is transferred to a limited partnership, of which the non-profit corporation is the general partner; and
(2) The City required such transfer to be made in order to facilitate the use of tax credits and federal affordable housing development assistance.
(b) Any person exempt from the tax imposed by this article because of the provisions of Subsection (a) hereof shall pay to the County of Los Angeles the tax that would be owed if such exemption did not exist, and thereafter may apply to the Director of Finance for a refund, which refund shall be made in the same manner as is provided in Section 21.07 of this chapter for refunds of overpayments of Business Taxes.