The proposed bill facilitates the assignment, assumption, and amendment of a Long Term Subsidy Contract (LTSC) between the District of Columbia Housing Authority (DCHA) and Jubilee Housing Limited Partnership, transferring the contract to Jubilee ADMO Apartments LP. This contract, originally established under number 0076-2007-00XXL, will be extended for an additional twenty years, allowing Jubilee ADMO Apartments LP to secure financing for the moderate rehabilitation of the Mozart Apartments. The base contract amount is set at $408,480 per year, with monthly payments made as Housing Assistance Payments, ensuring continued rental assistance for eligible residents and the operation of the program.

Key provisions of the agreement include compliance with Housing Quality Standards (HQS) for the rental units, with payments contingent upon meeting these standards. Additionally, the existing Exhibit C detailing Contract Units and Rents will be replaced with a new exhibit that specifies the units and their respective rents. The legal review by DCHA's Office of the General Counsel has confirmed the agreement's legal sufficiency, and there are no pending legal claims against DCHA from Jubilee ADMO. The bill is submitted for the Council's approval in accordance with relevant D.C. Official Codes.