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 it to Jubilee ADMO Apartments LP. This contract, originally set to expire on February 28, 2026, will be extended for an additional twenty years, now expiring on February 28, 2046, to support the financing of moderate rehabilitation for The Sorrento Apartments. The annual contract amount is established at $548,436, with payments made monthly through Housing Assistance Payments. The bill ensures compliance with Housing Quality Standards and outlines that no rental assistance payments will be made unless specific conditions are met.

Additionally, the bill introduces a new housing initiative aimed at providing affordable rental options at 2233 18th Street, comprising 17 units with varying bedroom counts and rental prices. The initiative emphasizes the importance of subsidized housing, with most units eligible for the Local Rent Supplement Program (LRSP) subsidy. The proposed rents for the units range from $1,762 for zero-bedroom units to $3,872 for three-bedroom units, reflecting a commitment to enhancing housing affordability in Washington, DC. The initiative is set to take effect on October 15, 2025.