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. This agreement will extend the LTSC for an additional twenty years and facilitate the assignment of the contract from Jubilee Housing Limited Partnership to Jubilee ADMO Apartments LP. The extension is crucial for securing long-term financing necessary for the moderate rehabilitation of the Marietta Apartments, which provide affordable housing for extremely low-income households.

The resolution outlines the historical context of the Local Rent Supplement Program (LRSP) established in 2007 to support affordable housing initiatives in the District. It highlights the need for the assignment and extension of the LTSC to ensure continued funding for the Marietta Apartments, which serve vulnerable populations, including the chronically homeless and individuals with disabilities. Upon approval, the DCHA will execute the agreement, thereby ensuring the ongoing provision of affordable housing units at the Marietta Apartments located at 2418 17th Street, NW.