The proposed bill authorizes a loan agreement between the District of Columbia and Harvard Court Owner LLC for a total amount not to exceed $24,290,185 from the Housing Production Trust Fund (HPTF). This funding is designated for the development of 108 affordable housing units at 1425 Harvard Street NW, with 86 units aimed at 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 simple interest rate of 3%, and the Department of Housing and Community Development (DHCD) has confirmed that the loan aligns with the District's financial plan and budget authority. The bill also includes provisions for compliance with local and federal requirements, including the establishment of an affordability period for the project.

Additionally, the bill outlines the responsibilities of both the Borrower and the Lender, including the Borrower's obligation to submit annual certifications regarding the occupancy of the affordable units and maintain accurate records related to the project. It emphasizes the importance of adhering to various legal and regulatory requirements, including those related to hazardous materials and income limits for tenants. The bill aims to ensure effective management of the loan and compliance with all applicable standards, while also enhancing accountability and transparency in the execution of the housing development project.