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 it to Jubilee ADMO Apartments LP. This contract, identified as LTSC Contract Number 0076-2007-00XXL, is set to be extended for an additional twenty years, allowing Jubilee ADMO Apartments LP to secure long-term financing for the moderate rehabilitation of the Fuller Apartments. The contract will provide annual housing assistance payments of $244,104, ensuring continued rental assistance for eligible residents and the uninterrupted operation of the program.

Furthermore, the bill amends the existing LTSC to reflect the assignment to Jubilee ADMO Apartments LP and extends the contract's term from February 28, 2026, to February 28, 2046. It also replaces the existing Exhibit C of Contract Units and Rents with a new version that details the specific units and their associated rental subsidies. The DCHA will provide the annual subsidy amount, contingent upon compliance with Housing Quality Standards and relevant regulations, thereby supporting long-term housing retention for low-income residents and contributing to the reduction of housing instability and homelessness in the District of Columbia.