The proposed bill establishes a long-term subsidy contract 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 DCHA will allocate an initial annual subsidy of $707,035 for a period of twenty years to support the development of twenty-two affordable housing units at the Harvard Court Apartments, located at 1425 Harvard Court, NW. The project aims to reserve 20% of the total units as permanent supportive housing for families earning no more than 30% to 50% of the area median income, contributing to the District's broader goal of increasing affordable housing opportunities for low-to-moderate income residents.

The bill also outlines various responsibilities and requirements for both DCHA and the property owner, including compliance with equal opportunity clauses, wage determinations, and housing quality standards. It emphasizes the importance of non-discrimination in leasing practices and mandates that the DCHA has the authority to inspect units to ensure compliance. Additionally, the bill includes provisions for the management of initial contract rents, the process for making changes to the agreement, and the legal relationship between DCHA and the Owner, ensuring that the contract is executed in accordance with applicable laws and regulations. Overall, the legislation aims to enhance affordable housing options while protecting tenant rights and maintaining compliance with federal and local standards.