The proposed bill seeks to establish a five-year bulk lease agreement between the University of the District of Columbia (UDC) and AvalonBay Communities, Inc. for the rental of up to fifty-four apartment units at AVA Van Ness, located at 2950 Van Ness Street, NW, Washington, DC. The total cost of the lease is projected to be $10,014,598.30, with an initial annual cost of $2,211,856.00, which will increase by 3.5% each year. This agreement aims to provide housing for UDC students, including student athletes and DC UP students, addressing the urgent need for safe and affordable accommodations near the Van Ness Campus, where UDC currently lacks on-campus housing options. The University anticipates generating $1,117,800.00 in revenue from student housing fees and deposits in the first year, but will need to subsidize approximately $1,094,056.00 of the housing costs due to higher expenditures.

The bill outlines the financial implications of the lease, including the base housing rate set at $6,000.00 per semester per student, and details the projected revenue and expenses for the first year. It emphasizes the necessity of the lease to meet the housing needs of UDC students and is subject to approval by the Council of the District of Columbia due to the significant financial commitment involved. The President of the University is authorized to execute the lease agreement and extend its term as necessary, ensuring that the terms align with community standards for similar facilities.