The proposed bill establishes a long-term subsidy contract between the District of Columbia Housing Authority (DCHA) and 2151 California Associates LLC for the development of affordable housing at The Bobbi Apartments, located at 2151 California Street, NW. DCHA will provide an annual subsidy of $125,400 for 20 years to support the Local Rent Supplement Program (LRSP), facilitating the creation of three affordable housing units. The project involves significant renovations to the existing 23-unit property, ensuring accessibility and energy efficiency while preserving its historic features. The bill outlines the legal and financial framework for the contract, which is expected to cost approximately $28 million, funded through various tax credits and the Housing Production Trust Fund.

Additionally, the bill emphasizes compliance with statutory and regulatory requirements, including provisions for tenant protections, contractor selection, and labor standards. It mandates that all work must be completed by specified deadlines, with allowances for unforeseen delays, and prohibits the displacement of tenants without relocation assistance. The bill also includes guidelines for setting initial contract rents, ensuring they align with the LRSP, and establishes the responsibilities of the property owner in managing the units and maintaining compliance with housing quality standards. Overall, the bill aims to enhance affordable housing options in the District while ensuring transparency and accountability in the administration of the subsidy program.