The proposed bill authorizes a loan agreement between the District of Columbia and 5907 Dix St Condominium LLC for $12,752,150 from the Housing Production Trust Fund (HPTF) to finance the development of 108 units of affordable housing at 5907 Dix Street, NE, Washington, D.C. The loan is structured with a 42-year term and a 3% simple interest rate, covering eligible acquisition, soft, and hard construction costs. The agreement mandates that seven units remain affordable for households earning at or below 60% of the Median Family Income (MFI), while twenty-three units must be affordable for those at or below 80% MFI, ensuring long-term affordability.

The bill includes various legal provisions, such as compliance with conflict of interest regulations, non-discrimination notices, and adherence to the Freedom of Information Act. It outlines the responsibilities of both the borrower and lender, including the need for accurate record-keeping, compliance with local and federal housing regulations, and the establishment of an Affordable Housing Covenant. Notably, the bill deletes a specific clause related to affordability covenants while emphasizing the importance of compliance with the Affordable Housing Covenant. Overall, the legislation aims to facilitate the construction of affordable housing and promote economic empowerment within the community.