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 create construction job opportunities for local residents.

Additionally, the bill emphasizes the importance of community engagement and resident services, with commitments from Preservation of Affordable Housing, Inc. (POAH) to support tenants through a Community Impact Coordinator and access to resources for wealth building and economic mobility. The project will also prioritize the return of former residents of Barry Farm and Wade Apartments, ensuring they have access to relocation benefits. Security measures will be implemented to enhance safety for residents, including perimeter fencing and surveillance cameras, with funding sourced through a shared cost agreement among developments within the project. The financing structure includes a combination of construction and permanent loans, ensuring the project's financial viability and alignment with affordable housing goals.