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) through an annual subsidy of $255,552 over a 20-year term. This funding will facilitate the development of 36 affordable rental units and 5,546 square feet of commercial space at the Kennedy Gardens Apartments located at 145 Kennedy Street, NW. The project is designed to provide a mix of housing options, including fully accessible units and permanent supportive housing, while also serving as a community hub for the Phi Beta Sigma fraternity. The bill emphasizes compliance with housing quality standards, labor regulations, and non-discrimination policies, ensuring that the project aligns with the District's goals for increasing affordable housing opportunities.

Additionally, the bill outlines the responsibilities of both DCHA and the property owner regarding the management and maintenance of the rental units, including adherence to wage determinations and labor standards for construction workers. It mandates that the owner must notify DCHA of any changes affecting rental subsidies and ensures that all leasing practices comply with anti-discrimination laws. The bill also includes provisions for inspections, compliance reviews, and the potential for contract termination if standards are not met. Overall, the legislation aims to create a sustainable and equitable housing solution for low-to-moderate income residents in the District of Columbia.