The proposed bill establishes a loan agreement between the District of Columbia and Harvard Court Owner LLC for a total of $24,290,185 from the Housing Production Trust Fund (HPTF). The funds are designated for the development of 108 affordable housing units at 1425 Harvard Street NW, with 86 units reserved for households earning at or below 50% of the Median Family Income (MFI) and 22 units for those at or below 30% of MFI. The loan is structured as a 42-year agreement with a 3% simple interest rate, and the bill includes various certifications regarding the contractor's legal sufficiency and compliance with tax obligations. The project aims to address the pressing need for affordable housing in the District while ensuring that the affordability of the units is maintained through covenants that run with the land in perpetuity.

Additionally, the bill outlines specific requirements for loan disbursements, including compliance with federal and local laws, and emphasizes the importance of input from the Advisory Neighborhood Commission (ANC). It details the management of the project, including the necessity for annual certifications to confirm compliance with affordability requirements, and establishes a framework for financial oversight, including the need for a cost breakdown and approved loan budget. The bill also introduces provisions related to labor standards, insurance requirements for contractors, and the Section 3 Opportunities Plan to ensure that economic opportunities generated by the project benefit low- and very low-income residents. Overall, the bill aims to facilitate the successful execution of the housing project while promoting transparency, accountability, and community engagement.