The proposed bill establishes a Long-Term Subsidy Contract (LTSC) between the District of Columbia Housing Authority (DCHA) and PBS Property Holdings, LLC, aimed at supporting the Local Rent Supplement Program (LRSP) for the Kennedy Gardens Apartments located at 145 Kennedy Street NW. The contract will provide an annual subsidy of $255,552 over a 20-year term to facilitate the development of 36 affordable rental housing units and commercial space. The project is designed to cater to low-to-moderate income residents, with a commitment to maintaining affordability and incorporating sustainable features, such as meeting Passive House requirements. The bill also outlines the legal framework for the project, including compliance with local laws, labor standards, and the establishment of contract rents.

Additionally, the bill emphasizes the responsibilities of both DCHA and the property owner, including the requirement for DCHA to conduct inspections to ensure compliance with housing quality standards before accepting units under the LTSC. It mandates that the owner must notify DCHA of eligible families for housing and adhere to non-discrimination policies. The bill also includes provisions for wage determinations and compliance with labor standards for construction workers involved in the project, ensuring fair labor practices. Overall, the legislation aims to enhance affordable housing opportunities while ensuring tenant protections and compliance with applicable regulations.