((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 ; 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 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.