The proposed bill outlines the development of the Barry Farm Rental Flats project, which will consist of 98 affordable housing units located at 1001 Obama Way, S.E., in Ward 8, Washington, D.C. The project aims to provide affordable housing by designating 85% of the units for residents earning 60% of the Area Median Income (AMI) or below, and 15% for those earning up to 80% AMI. The total development cost is projected at $94,348,450, with financing through a combination of tax-exempt bonds not to exceed $47,000,000, loans, and tax credit equity. The project is expected to comply with various regulatory requirements, including the Green Building Act and inclusionary zoning regulations, and will also include provisions for minority and local business participation.

In addition to providing affordable housing, the project will create construction job opportunities for District residents and enhance community engagement through tenant services such as financial education workshops. The development will be co-managed by the District of Columbia Housing Authority (DCHA) and Preservation of Affordable Housing, Inc. (POAH), with a focus on ensuring safety and security through a comprehensive security plan. The financing structure includes a $12,500,000 DMPED New Communities Initiative loan and a $10,165,293 DCHA subordinate loan, with the project expected to close within 180 days of inducement and construction anticipated to begin following the finalization of necessary permits and contracts.