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 financing the development of 109 affordable housing units at 4401-4435 Benning Road NE. The loan will have a term of 42 years 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 emphasizes the importance of maintaining affordability for the housing units and compliance with local and federal regulations.

Key provisions of the bill include the establishment of an Affordable Housing Covenant, which requires the Borrower to rent the units to qualified tenants at specified income limits. The bill details the conditions for loan disbursements, including the necessity for preconstruction meetings and compliance with labor standards under federal laws such as the Davis-Bacon Act. Additionally, it introduces new requirements for environmentally responsible material selection and mandates post-closing registration with the Rent Registry upon receipt of the Certificate of Occupancy. The bill also defines the role of the Equity Investor in managing defaults, ensuring enhanced communication and oversight in the financial management of the project. Overall, the legislation aims to facilitate the development of affordable housing while ensuring compliance with legal and financial obligations.