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 Ritz 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 Ritz Apartments, which serve vulnerable populations, including the chronically homeless and individuals with disabilities. Upon approval, the DCHA will formalize the agreement, allowing Jubilee ADMO to assume the LTSC and maintain the operation of twenty-five affordable housing units at the Ritz Apartments. The resolution is set to take effect immediately upon adoption.