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 to Jubilee ADMO Apartments LP. The extension is crucial for securing long-term financing to rehabilitate the Fuller Apartments, which provide affordable housing for extremely low-income households in the District.

The resolution outlines the history and purpose of the Local Rent Supplement Program (LRSP), which aims to support affordable housing for vulnerable populations, including the chronically homeless and individuals with disabilities. The DCHA initially entered into a contract with Jubilee Housing in 2007 to subsidize units at the Fuller Apartments. The proposed agreement will ensure the continued operation of seven affordable housing units at this location, thereby addressing the immediate need for long-term affordable housing solutions in the District. The resolution is set to take effect immediately upon adoption.