The proposed resolution seeks the approval of a long-term subsidy contract between the District of Columbia Housing Authority (DCHA) and PBS Property Holdings, LLC, aimed at supporting the Local Rent Supplement Program (LRSP). This contract, identified as Contract Number 2025-LRSP-04A, will provide an annual housing subsidy of $255,522 for a duration of 20 years to facilitate the availability of eight affordable housing units at the Kennedy Gardens Apartments located at 145 Kennedy Avenue, NW. The resolution emphasizes the importance of this initiative in addressing the housing needs of extremely low-income households, including those who are homeless or require supportive services.

The resolution outlines the legislative framework established by the Fiscal Year 2007 Budget Support Act, which created the LRSP to provide affordable housing options for extremely low-income residents. It highlights the selection of PBS Property Holdings, LLC as a housing provider through a competitive proposal process and underscores the urgency of approving the subsidy contract to ensure the availability of long-term affordable housing units. Upon adoption, the resolution will be transmitted to the DCHA and the Mayor, and it will take effect immediately.