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 be assigned to Jubilee ADMO Apartments LP. This agreement aims to extend the LTSC for an additional twenty years, allowing Jubilee ADMO Apartments LP to secure long-term financing for the rehabilitation of the Euclid Apartments, located at 1740 Euclid Street, NW. The extension of the LTSC is crucial for continuing to provide affordable housing for extremely low-income households under the Local Rent Supplement Program (LRSP).

The resolution outlines the history of the LTSC, which was initially established in 2011 to support thirty-five affordable housing units at the Euclid Apartments. It emphasizes the need for the assignment and extension to ensure ongoing funding for these units, which serve vulnerable populations, including the chronically homeless and individuals with disabilities. Upon approval by the Council, DCHA will formalize the agreement with Jubilee ADMO, thereby facilitating the necessary financial support for the rehabilitation and continued operation of the affordable housing units. The resolution is set to take effect immediately upon adoption.