The proposed bill establishes a loan agreement between the District of Columbia's Department of Housing and Community Development (DHCD) and 5907 Dix St Condominium LLC for a total of $12,752,150 from the Housing Production Trust Fund (HPTF). This funding is allocated for the development of 30 affordable homeownership units at 5907 Dix Street, NE, Washington, D.C. The loan will cover acquisition, construction, and related costs, with specific affordability requirements mandating that seven units remain affordable for households earning at or below 60% of the Median Family Income (MFI), and twenty-three units for those at or below 80% MFI. The loan is structured as a 42-year term with a 3% simple interest rate, ensuring long-term affordability and compliance with applicable laws and regulations.

Additionally, the bill outlines the responsibilities of both the lender and borrower, including the maintenance of accurate records, compliance with federal and local laws, and the establishment of an Affordable Housing Covenant. It emphasizes the importance of transparency by requiring public access to the contract summary and mandates that the borrower submit various documentation, including project plans and financial statements. The bill also includes provisions for the lender's authority to protect the project and manage the property, as well as stipulations regarding events of default and the lender's rights in such cases. Overall, the legislation aims to facilitate the development of affordable housing while ensuring accountability and adherence to legal standards.