The proposed bill establishes a five-year bulk lease agreement between the University of the District of Columbia (UDC) and AvalonBay Communities, Inc. for up to fifty-four apartment units at AVA Van Ness, located at 2950 Van Ness Street, NW, Washington, DC. This agreement aims to address the growing demand for student housing, particularly for UDC students, including student athletes and DC UP students. The total cost of the lease is projected to be $10,014,598.30 over the five-year term, with an initial revenue generation of approximately $1,117,800 in the first fiscal year (FY2026) from housing fees and deposits. UDC plans to subsidize $1,094,056.00 of the housing costs for eligible students, reflecting the institution's commitment to providing affordable housing options.

The bill outlines the financial implications of the lease, including a base housing rate of $6,000 per semester per student, which amounts to $12,000 for the academic year. The lease includes provisions for annual increases of 3.5% and is structured to ensure that UDC can accommodate its student population effectively. The agreement is deemed necessary due to the absence of on-campus housing options and has been negotiated to align with prevailing rates for similar facilities in the area. Overall, the bill seeks to enhance UDC's housing capacity while ensuring financial sustainability through institutional subsidies.