The proposed bill amends the existing Housing Production Trust Fund (HPTF) loan agreement with 3534 East Cap Venture LLC, increasing the loan amount by $3,752,901, raising the total from $20,615,633 to $24,368,534. The additional funds are designated to support an operating reserve and cover eligible aged accounts payables, sponsor advance reimbursements, and deferred repairs for the preservation of 137 affordable rental housing units at 3534 East Capitol Street NE in Ward 7. The contract will have a 40-year duration with a 3% simple interest rate, and the Department of Housing and Community Development (DHCD) has confirmed that the contract aligns with the appropriated budget authority and the District's financial plan.

Key changes in the amendment include adjustments to the loan repayment terms, where annual payments will be based on a percentage of available cash flow, and the replacement of the definition of "Available Cash Flow" as outlined in Exhibit C. The amendment also involves the deletion and replacement of certain sections of the original loan agreement to reflect these updates. Overall, the bill aims to enhance the effectiveness of housing finance mechanisms within the district, ensuring that funding aligns with current housing needs and policies while reaffirming all representations and warranties made in the original documents.