The proposed bill establishes an Agreement to Enter into a Long-Term Subsidy Contract (ALTSC) between the District of Columbia Housing Authority (DCHA) and 2607 Connecticut LLC, aimed at providing affordable housing units at 2607 Connecticut Avenue, NW. Under this agreement, DCHA will allocate an annual subsidy of $50,116 for a duration of twenty years, supporting the Local Rent Supplement Program (LRSP) specifically for two affordable housing units targeting extremely low-income families and individuals with disabilities. The bill outlines the procurement process that led to the selection of 2607 Connecticut LLC, emphasizing the project's alignment with the District's goals for increasing affordable housing and the importance of fulfilling the terms of the agreement.

Additionally, the bill includes provisions that clarify the nature of the property as a completed project, eliminating the need for construction-related processes and specifying that the Davis-Bacon wage requirements will not apply. It mandates that property owners participating in the LRSP must comply with various regulations, including tenant selection and maintenance of housing quality standards. The bill aims to enhance affordable housing options in Washington, DC, while ensuring accountability and compliance from property owners, ultimately contributing to the broader goal of increasing the supply of affordable housing in the District.