The proposed bill outlines the development of the Barry Farm Flats project, which aims to construct 98 affordable rental units at 1001 Obama Way, S.E., in Ward 8, Washington, D.C. The project will be financed through a request for tax-exempt bonds not to exceed $47,000,000, contributing to a total development cost of approximately $94,348,450. The financing will support the acquisition, construction, and equipping of the development, which is designed to provide affordable housing for households earning at or below sixty percent of the area median income (AMI). The project will set aside at least forty percent of the units for low-income households and will also include provisions for income averaging.

In addition to addressing housing needs, the bill emphasizes community engagement and the provision of resident services, including support for tenants through a Community Impact Coordinator and access to resources for economic mobility. The development will adhere to zoning requirements and incorporate sustainable practices, such as Energy Star-rated appliances. A comprehensive security plan will be implemented to ensure resident safety, with funding sourced from property operations and construction funds. The project is expected to create construction jobs for District residents and aims to enhance the overall quality of life in the surrounding neighborhood while addressing the local housing demand.