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). This funding is designated for the development of 108 affordable housing units at 1425 Harvard Street NW, with a loan term of 42 years at a 3% simple interest rate. The project aims to provide affordable housing options, with 86 units 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 bill includes provisions to ensure the affordability of these units through covenants that will run with the land in perpetuity, as well as certifications regarding the contractor's legal sufficiency and tax compliance.

Additionally, the bill outlines the management and disbursement of the loan, ensuring compliance with federal and local laws, and specifies the responsibilities of the borrower in operating the project as affordable housing. It emphasizes the importance of maintaining affordability and requires annual certifications from the borrower to confirm compliance with these requirements. The bill also includes detailed provisions regarding the financial management of the project, including the allocation of funds, compliance with labor standards, and the establishment of a Section 3 Opportunities Plan to promote economic opportunities for low-income residents. Overall, the bill aims to facilitate the development of affordable housing while ensuring transparency and accountability in the use of public funds.