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, originally established for The Ritz Apartments, will be extended for an additional twenty years, allowing Jubilee ADMO to secure financing for moderate rehabilitation of the property. The LTSC provides rental assistance for eighteen units designated for extremely low-income families, with an annual subsidy amounting to $773,400, funded through Housing Assistance Payments. The bill emphasizes the importance of maintaining compliance with housing quality standards and ensuring full occupancy of assisted units to support low-income residents.

Additionally, the bill includes a provision to delete the existing Exhibit C of Contract Units and Rents, replacing it with a new exhibit to ensure adherence to Housing Quality Standards and other regulations. The proposal also outlines a housing plan for a property located at 1631 Euclid, NW Washington, DC, which includes 25 units eligible for the Local Rent Supplement Program (LRSP) subsidy, with rents ranging from $1,716 to $3,872. The effective date for this bill is set for October 15, 2025, aiming to enhance affordable housing options and support residents in a competitive rental market.