The proposed bill establishes a Long-Term Subsidy Contract (ALTSC) 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 provide 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 designed to support low-to-moderate income residents, particularly those earning below 50% of the area median income, with specific provisions for residents earning below 30% AMI. The bill outlines the procurement process that led to the selection of 2607 Connecticut LLC, which is associated with the organization So Others Might Eat (SOME), and confirms that the project aligns with the District's housing goals and legal requirements.

Additionally, the bill emphasizes the responsibilities of property owners participating in the LRSP, including compliance with safety regulations, tenant selection from designated waiting lists, and the provision of necessary services and maintenance. It also addresses the consequences for owner defaults and outlines the legal relationship between DCHA and the property owner, including provisions for conflicts of interest and the transfer of the agreement. Notably, the bill specifies that the Davis-Bacon Act will not apply, as there is no construction phase involved in this agreement. Overall, the legislation aims to enhance affordable housing availability in the District while ensuring accountability and compliance with established standards.