The proposed bill establishes a Development Loan Agreement between the District of Columbia and Barry Farm Flats I LLC, providing a loan of up to $12,500,000 for the construction of approximately 90 affordable housing units in the Barry Farm area of Ward 8. This initiative is part of the District's New Communities Initiative aimed at revitalizing neighborhoods with high poverty and crime rates. The project will adhere to Passive House energy efficiency standards and include provisions for local hiring and engagement of small businesses. The affordable units will cater to households earning between 30% to 80% of the Median Family Income (MFI), with 42 units designated as replacement housing for families previously residing at Barry Farm.

The bill outlines the terms and conditions of the loan, including a repayment structure based on a percentage of the project's available cash flow after a deferral period, and specifies that the loan will accrue interest at a rate of 3% per annum. It also includes provisions for compliance with public housing requirements, the establishment of an Affordable Housing Covenant, and the responsibilities of the developer regarding job creation and environmental compliance. Additionally, the bill emphasizes the importance of securing funding through various sources and outlines the obligations of the developer in relation to the management and leasing of the affordable units, ensuring transparency and accountability throughout the project.