Plain English Breakdown
The official source does not specify the exact duration of the subsidy contract beyond it being long-term.
Approval of Rent Supplement Contract for Affordable Housing
The bill approves a long-term subsidy contract with 2151 California Associates LLC to support affordable housing units in the District of Columbia.
What This Bill Does
- Approves a long-term subsidy contract between the District of Columbia and 2151 California Associates LLC for 3 affordable housing units at The Bobbi on California Street, NW.
- Provides an annual operating subsidy not exceeding $125,400 to support the affordable housing units.
- Requires the Council to send a copy of this resolution to the District of Columbia Housing Authority and the Mayor after adoption.
Who It Names or Affects
- The District of Columbia Housing Authority
- 2151 California Associates LLC
- Residents living in the affordable housing units at The Bobbi
Terms To Know
- Subsidy Contract
- An agreement where one party (the government) provides financial support to another party (a company or organization) for a specific purpose, like providing affordable housing.
- Affordable Housing Units
- Housing that is priced so that people with low to moderate incomes can afford it without spending more than 30% of their income on rent and utilities.
Limits and Unknowns
- The bill does not specify how the subsidy will be distributed or managed.
- It is unclear what happens if the annual operating cost exceeds $125,400.