The bill proposes the development of a new affordable housing project at 2229 M Street NE, consisting of a single eight-story building with 72 residential units. The project is designed to provide affordable housing for low-income residents, with specific allocations for households earning 30%, 50%, and 80% of the Area Median Income (AMI). The development will adhere to the Enterprise Green Communities 2020 Green Building Standards and is exempt from inclusionary zoning regulations for a 30-year period, contingent upon maintaining affordability criteria. The total development cost is estimated at $50,171,462, and the project aims to address the pressing need for affordable housing in the area, which has low vacancy rates for similar properties.

To finance the project, the bill authorizes the issuance of tax-exempt bonds not to exceed $15,400,000, with a total financing amount structured through the DCHFA. The project will also utilize Low-Income Housing Tax Credits (LIHTC) and other funding sources, with a focus on sustainability and community well-being. The financing plan includes a detailed budget and emphasizes the importance of local business participation in the contracting process. Overall, the initiative aims to enhance housing opportunities for low and moderate-income residents while contributing to the economic improvement of the surrounding neighborhood.