The proposed bill authorizes a loan agreement between the District of Columbia and PBS Property Holdings, LLC, for a total of $8,410,952 from the Housing Production Trust Fund. This funding will be allocated for the development of 36 units of affordable housing at 145 Kennedy Street NW, with a loan term of 43 years at a 3% simple interest rate. The project aims to provide a mix of affordable units, including 8 units for households earning at or below 30% of the Area Median Income (AMI), 11 units for those at or below 50% AMI, and 17 units for households at or below 80% AMI. The bill emphasizes the importance of maintaining affordability through covenants that will run with the land in perpetuity and outlines the conditions for loan disbursements, compliance with local regulations, and the responsibilities of the borrower.

Additionally, the bill includes provisions for transparency, requiring the contract summary to be made available online, and mandates that the Department of Housing and Community Development (DHCD) consider comments from the Advisory Neighborhood Commission. It establishes detailed financial and operational requirements for the project, including compliance with federal labor standards, insurance obligations, and reporting requirements. The bill also addresses the conditions under which an "Event of Default" may occur and the remedies available to the lender, ensuring accountability and adherence to legal standards throughout the project’s development. Overall, the legislation aims to facilitate the creation of affordable housing while ensuring compliance with established regulations and promoting community engagement.