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 estimated at $94,348,450, with a request for tax-exempt bonds not to exceed $47,000,000 to finance part of the project. The development will comply with various regulatory requirements, including the Green Building Act and inclusionary zoning regulations, and is expected to enhance housing opportunities for low and moderate-income residents.

Additionally, the bill emphasizes the importance of community engagement and resident services, with a dedicated Community Impact Coordinator to support tenants in areas such as housing, health, and financial stability. The project will also incorporate security measures, including perimeter fencing and surveillance cameras, to ensure resident safety. The financing structure includes a combination of construction and permanent loans, with specific terms for subordinate debt and tax credit structures, ensuring the project's financial viability. The development is strategically located near public transportation and community amenities, enhancing accessibility for future residents while addressing the demand for affordable housing in the area.