The proposed bill establishes a loan agreement between the District of Columbia and Benning Road Metro Apartments LLC for a $26 million loan from the Housing Production Trust Fund, aimed at developing 109 units of affordable housing at 4401-4435 Benning Road NE. The loan will have a 42-year term with a 3% simple interest rate and will cover various costs associated with the project, including acquisition, predevelopment, and construction expenses. The bill outlines the qualifications of the contractor, a partnership between Marshall Heights Community Development Corporation and NRP Group, both of which have demonstrated satisfactory performance in previous contracts with the District. It also includes provisions for maintaining affordability, compliance with local and federal regulations, and the establishment of an Affordable Housing Covenant to ensure that units are rented to qualified tenants at specified income limits.

Additionally, the bill introduces amendments to existing laws regarding the management and oversight of affordable housing projects, including provisions for environmental compliance, insurance requirements for developers, and the treatment of apprentices under labor standards. It specifies that the Borrower must register with the Rent Registry upon receiving the Certificate of Occupancy and defines the term "Equity Investor" to include specific entities involved in the project. The bill emphasizes the importance of compliance with various federal and local laws, including the Davis-Bacon Act and the Equal Credit Opportunity Act, while also detailing the responsibilities of contractors regarding wage determinations and record-keeping. Overall, the legislation aims to facilitate the development of affordable housing while ensuring transparency, accountability, and adherence to regulatory requirements.