The bill establishes a Long-Term Subsidy Contract (ALTSC) between the District of Columbia Housing Authority (DCHA) and Harvard Court Owner, LLC, to provide affordable housing through the Local Rent Supplement Program (LRSP). The contract will allocate an initial annual subsidy of $707,035 for twenty years to support the development of 22 affordable housing units at the Harvard Court Apartments, with a focus on families earning no more than 30% to 50% of the area median income. The project aims to enhance affordable housing opportunities for low-to-moderate income residents and is part of a broader initiative to address the housing needs of extremely low-income families in Washington, DC.

Additionally, the bill outlines various responsibilities and compliance requirements for both DCHA and the property owner, including adherence to housing quality standards, equal opportunity employment practices, and environmental regulations. It emphasizes the importance of maintaining affordable rents, ensuring tenant protections, and providing necessary services to residents. The bill also includes provisions for the oversight of contractors involved in the project, ensuring that they comply with labor standards and wage requirements. Overall, the legislation aims to facilitate the development and management of affordable housing while promoting accountability and fair practices within the program.