The bill authorizes the District of Columbia Housing Finance Agency (DCHFA) to provide up to $25,075,000 in tax-exempt and/or taxable multifamily housing mortgage revenue bond financing for a new residential development at 950 Eastern Avenue, Washington, D.C. This project will consist of 56 residential rental units, with 43 units designated for households earning at or below 50% of the area median income (AMI) and 13 units allocated for Permanent Supportive Housing for formerly homeless individuals earning 30% AMI or below. The development aims to enhance affordable housing opportunities for low- and moderate-income residents in Ward 7 and is expected to create construction jobs for District residents. The project will also incorporate green building features and amenities such as a business center and community room.

Additionally, the bill outlines compliance requirements for the Borrower under the Tax Regulatory Agreement, including adherence to various District and federal laws related to contracting and procurement, as well as the Green Building Act. The project is exempt from inclusionary zoning regulations for a 30-year period, provided it meets specific affordability criteria, although an inclusionary zoning covenant will still be recorded. The DCHFA's approval does not guarantee the issuance of bonds or financing, as final approval will depend on compliance with the Agency's requirements.