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 preserving 95 affordable rental housing units at the Solstice II Apartments located at 3500 East Capitol Street NE in Ward 7. The funds will address operating reserves, aged accounts payables, sponsor advance reimbursements, and deferred repairs and maintenance expenses, particularly in light of financial challenges exacerbated by the COVID-19 pandemic. The project will continue to provide affordable housing options for residents earning 60% of the Area Median Income, including dedicated units for individuals transitioning from homelessness.

The amendment 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 changes ensure that the amendment does not affect the senior priority of an existing deed of trust related to the project. Overall, the bill aims to stabilize the financial situation of the Solstice II Apartments and ensure the long-term affordability and sustainability of the housing project, while promoting compliance with various legal and regulatory standards.