The proposed bill establishes a loan agreement between the District of Columbia and 2401 25th Street LLC for a total of $18,939,570 from the Housing Production Trust Fund, aimed at developing 67 units of affordable senior housing at 2401 25th Street SE in Ward 8. The loan, which has a term of 43 years at a 3% simple interest rate, will cover various project costs, including acquisition, predevelopment, and construction. The bill ensures that the affordability of the housing units is maintained for a minimum of 40 years, with specific allocations for households earning at or below 30%, 50%, and 80% of the median family income. It also includes provisions for compliance with local and federal regulations, including the requirement for the contractor to actively market available affordable units and adhere to environmental safety standards.

Additionally, the bill outlines the responsibilities of the borrower, including maintaining accurate financial records, ensuring compliance with affordability covenants, and submitting regular updates to the lender. It introduces new compliance requirements for borrowers regarding hazardous materials and establishes conditions for loan disbursements, including the necessity for inspections and documentation. The bill emphasizes the importance of fair labor practices, mandating adherence to federal labor standards and the submission of certified payroll records. Overall, the legislation aims to enhance accountability, ensure compliance with legal standards, and promote economic opportunities for disadvantaged communities through structured support and hiring practices in federally funded housing projects.