The resolution declares an emergency to authorize the issuance of up to $700 million in District of Columbia revenue bonds to support DC Housing Solutions, Inc. (the Borrower), a nonprofit organization. The funds from these bonds will be used for financing, refinancing, or reimbursing costs associated with the renovation and rehabilitation of 19 multifamily residential rental apartment buildings in Washington, DC, which collectively contain 3,497 rental units. The resolution emphasizes the urgency of expediting the bond issuance process due to current economic uncertainties that could impact the Borrower's ability to secure favorable interest rates and complete the project.

The resolution outlines the specific projects that will be funded, including the renovation of existing apartment buildings, the purchase of related equipment, and covering working capital costs. It highlights the importance of prompt Council approval to ensure that the Borrower can effectively market the bonds and achieve maximum savings for the project. The resolution is set to take effect immediately upon adoption, reflecting the Council's determination of the emergency circumstances surrounding the need for these funds.