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, transferring the contract 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 the moderate rehabilitation of the apartments, ensuring continued rental assistance for eligible residents and promoting stable, affordable housing for low-income individuals.

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. It stipulates that no Local Rent Supplement Program (LRSP) payments will be made unless the units meet Housing Quality Standards and other contract provisions. The financial allocation for the units at 1740 Euclid totals $63,546, with costs varying based on the number of bedrooms and occupancy status, primarily consisting of one-bedroom and zero-bedroom units. The DCHA has confirmed the agreement's compliance with applicable laws, ensuring the program's integrity and effectiveness in supporting housing stability.