The proposed bill amends the existing Housing Production Trust Fund (HPTF) loan agreement with 3500 East Cap Venture LLC, increasing the loan amount by $1,979,231, raising the total from $18,435,936 to $20,415,167. This additional funding is aimed at supporting an operating reserve and addressing eligible aged accounts payables, sponsor advance reimbursements, and deferred repairs for the preservation of 95 affordable rental housing units at 3500 East Capitol Street NE in Ward 7. The amendment is a response to financial difficulties exacerbated by the COVID-19 pandemic, which led to rent collection losses and budget shortfalls, and it is designed to stabilize the project and mitigate foreclosure risks.

The bill also includes the deletion and replacement of Exhibit B attached to the Loan Agreement, which outlines the project budget, while reaffirming the commitments under the original loan documents. The amendment ensures that the changes do not affect the senior priority of an existing deed of trust related to the project. Overall, the bill aims to enhance the financial viability of the affordable housing project while maintaining compliance with applicable laws and regulations, ensuring that the property continues to serve low-income households effectively.