The Council is hereby authorized to establish a program whereby title to properties acquired by tax sale pursuant to §§ 47-847 and 47-1303 may, for whatever consideration or sum it deems appropriate, be transferred to persons, nonprofit organizations or nonprofit developers, meeting criteria which shall be established by the Council, and who:
(1) Guarantee to pay taxes on the property;
(2) Live in the property for at least 5 years (for residential property owners), or maintain active ownership and legal possession of the property for at least 10 years and provide needed community services in the District for at least 10 years (for nonprofit organizations or developers); and
(3) Give assurance of bringing the property into reasonable compliance with the building code in the District.