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 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 includes a provision that 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 in accordance with the District's Financial Plan and Budget for FY 2026, ensuring that no rental assistance payments will be made unless the units comply with Housing Quality Standards and other relevant regulations. The extension of the LTSC is designed to maintain full occupancy of assisted units, support long-term housing retention for low-income residents, and ultimately reduce housing instability and homelessness in the community.