Plain English Breakdown
Checked against official source text during the last sync.
Approval of Long-Term Housing Subsidy Contract
The bill approves a long-term subsidy contract for affordable housing units at Harvard Court Apartments in Washington, D.C.
What This Bill Does
- Approves a 20-year agreement with Harvard Court Owner, LLC to support the Local Rent Supplement Program.
- Provides an annual operating subsidy of up to $707,035 for 22 affordable housing units at Harvard Court Apartments.
- Requires the Council to send copies of this resolution to the District of Columbia Housing Authority and the Mayor.
Who It Names or Affects
- Residents living in the affordable housing units at Harvard Court Apartments.
- Harvard Court Owner, LLC, which owns the property where these units are located.
- The District of Columbia Housing Authority and the Mayor.
Terms To Know
- Local Rent Supplement Program
- A program that provides financial assistance to help pay for affordable housing in Washington, D.C.
- Subsidy Contract
- An agreement where the government pays a part of the costs to support affordable housing projects.
Limits and Unknowns
- The bill does not specify how the funds will be allocated beyond the annual limit.
- It is unclear what happens if Harvard Court Owner, LLC fails to meet the terms of the contract.