The "Reeves Center Surplus Declaration and Disposition Approval Act of 2026" authorizes the Mayor to declare specific District-owned properties, including 2000 14th Street, NW and 1414 V Street, NW, as surplus and to sell them to Reeves CMC Venture, LLC for a nominal fee of $1. The development plan includes a mixed-use project featuring the new headquarters for the NAACP, residential units, a hotel, and commercial spaces, with a commitment to include at least 30% affordable housing. The bill also mandates that the Mayor's authority to dispose of these properties will expire three years after the bill's effective date and emphasizes the importance of engaging Certified Business Enterprises (CBEs) in the project.

The legislation outlines a detailed Land Disposition and Development Agreement, which includes provisions for construction plans, community participation, and compliance with local laws. It introduces new requirements for the Developer regarding affordable housing management, including the certification of income and residency for tenants, and establishes penalties for failing to meet CBE expenditure requirements. The bill also emphasizes the need for local hiring through a First Source Employment Agreement, ensuring that District residents benefit from the project. Overall, the bill aims to facilitate economic revitalization in the U Street corridor while ensuring community engagement and compliance with affordable housing standards.