The proposed bill establishes 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 the AVA Van Ness property, located at 2950 Van Ness Street, NW, Washington, DC. The lease is set to commence in June 2025, with an initial cost of $482,950.67 for the first year, followed by annual escalations of 3.5%. This agreement aims to provide housing for UDC students, including student athletes and DC UP scholars, addressing the increasing demand for student accommodations near the university's campus. The total projected cost of the lease over its term is estimated at $10,014,598.30, with UDC planning to subsidize a portion of these costs for eligible students.

The bill outlines the financial implications of the lease, projecting total annual expenses of $2,211,856.00 for the housing program, which includes various costs such as utilities and staffing. The base housing rate is set at $6,000 per semester per student, with anticipated revenue starting at $1,117,800.00 in the first fiscal year (FY2026). The bill emphasizes the necessity of this lease due to the lack of suitable on-campus housing options and the growing need for affordable student housing, requiring approval from the Council of the District of Columbia due to the financial commitments involved.