The bill proposes the financing and development of a new affordable housing project in Washington, D.C., specifically at 950 Eastern Avenue, with a total financing amount not to exceed $25,075,000. The project aims to construct approximately fifty-six residential rental units, all designated for households earning at or below sixty percent of the area median income (AMI). The development, spearheaded by 950 Eastern Ave TM LLC, is expected to create construction jobs for District residents and contribute to the social and economic improvement of Ward 7. The financing will be structured through a combination of tax-exempt and taxable bonds, with the final approval of financing subject to terms deemed necessary by the District of Columbia Housing Finance Agency (DCHFA).

Additionally, the bill outlines compliance requirements for the Borrower under the Tax Regulatory Agreement, mandating adherence to various District and federal laws related to contracting and procurement, including the Small, Local, and Disadvantaged Business Enterprise Development and Assistance Act of 2005. It also specifies that the project is exempt from Inclusionary Zoning (IZ) regulations for a 30-year period due to its affordability standards, which include a minimum of 80% of units being affordable. The development will consist of 56 units, with 43 designated for residents at or below 50% of the AMI and 13 units for formerly homeless individuals at or below 30% AMI. The Multifamily Lending and Neighborhood Investment underwriting staff recommend the Board authorize initial inducement approval of bonds to finance the project.