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 II, which will be transferred to Jubilee ADMO Apartments LP. This contract, originally established for the Euclid Apartments, is set to be extended for an additional twenty years, moving the expiration date from February 28, 2026, to February 28, 2046. The extension aims to secure long-term financing for moderate rehabilitation of the apartments while ensuring continued rental assistance for eligible residents and maintaining compliance with housing quality standards.

Additionally, the bill includes a provision to replace the existing Exhibit C of Contract Units and Rents with a new schedule that details specific units and their associated rents. The DCHA will fund the LTSC with its operating funds for Fiscal Year 2026, ensuring adherence to federal and local regulations. The financial allocation for the units at 1740 Euclid totals $63,546, with individual unit costs varying based on occupancy levels. Overall, the bill is primarily focused on budgetary measures to manage financial resources for the property rather than making significant changes to existing laws.