The resolution proposes the approval of an Assignment, Assumption, and Amendment of the Long-Term Subsidy Contract (LTSC) between the District of Columbia Housing Authority (DCHA) and Jubilee Housing Limited Partnership II, which will facilitate the transfer of the LTSC to Jubilee ADMO Apartments LP. This transfer is essential for Jubilee ADMO to secure long-term financing necessary for the rehabilitation of the Sorrento Apartments, located at 2233 18th Street, NW. The resolution extends the LTSC for an additional twenty years, ensuring continued funding for affordable housing units under the Local Rent Supplement Program (LRSP) aimed at supporting extremely low-income households.

The resolution outlines the historical context of the LTSC, which was initially established in 2011 to subsidize seventeen affordable housing units at the Sorrento Apartments. It emphasizes the need for the extension and assignment of the LTSC to maintain the availability of affordable housing for vulnerable populations, including the chronically homeless and individuals with disabilities. Upon approval by the Council, the DCHA will execute the Agreement, thereby ensuring the ongoing provision of operating subsidies for the affordable housing units at the Sorrento Apartments. The resolution is set to take effect immediately upon adoption.