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, identified as LTSC Contract Number 0076-2007-00XXL, will be extended for an additional twenty years, allowing Jubilee ADMO Apartments LP to secure long-term financing for the moderate rehabilitation of the Marietta Apartments. The bill ensures continued rental assistance for eligible residents and maintains the operation of the program, with an annual subsidy amount of $271,548 allocated for housing assistance payments.

Additionally, the bill includes provisions for compliance with Housing Quality Standards (HQS) and specifies that no LRSP payments will be made unless these standards are met. It also proposes the deletion of the existing Exhibit C of Contract Units and Rents, replacing it with a new exhibit that outlines specific units and rental amounts. Furthermore, the bill introduces new legal language regarding financial allocations, with a total proposed budget of $22,629, and includes deletions from existing law to streamline financial provisions. These adjustments aim to enhance budgetary efficiency and ensure proper fund distribution, promoting transparency and accountability in fiscal matters.