§ 151106 — Tax Exemption

(a) Real property of the corporation is exempt from taxation if it is— (1) located in the District of Columbia; (2) used for the purposes provided in section 151102 of this title; and (3) not used to produce income. (b) Personal property of the corporation is exempt from taxation if it is used for the purposes provided in section 151102 of this title or to produce income to be used for those purposes. (c) The corporation shall submit annually to the Secretary of Education a written report stating in detail for the prior year— (1) the real and personal property held by the corporation; (2) the income from the property; and (3) the expenditure or other use or disposition of the property and income from the property.