The proposed bill establishes a Long-Term Subsidy Contract (LTSC) between the District of Columbia Housing Authority (DCHA) and 2607 Connecticut LLC, aimed at providing affordable housing through the Local Rent Supplement Program (LRSP). The contract will allocate an annual subsidy of $50,116 for two affordable housing units located at 2607 Connecticut Avenue, NW, for a term of twenty years. This initiative is part of DCHA's broader strategy to enhance affordable housing opportunities for low-to-moderate income residents, particularly those earning at or below 30% of the area median income. The bill emphasizes the importance of fulfilling the contract terms to avoid default and ensures that the subsidy is exclusively used for housing costs associated with the designated units.

Additionally, the bill outlines the procurement process that led to the selection of 2607 Connecticut LLC as the project sponsor, confirming that the contractor is compliant with legal and regulatory requirements. It includes provisions for community engagement and supportive services for residents, such as financial literacy workshops and recovery support, to enhance their quality of life. The bill also specifies that the property is a completed project, removing references to construction phases and the Davis-Bacon wage requirements, thereby streamlining the agreement to focus on operational aspects under the LRSP. Overall, the legislation aims to ensure that affordable housing remains accessible to eligible families while maintaining compliance with housing quality standards and fair housing practices.