Plain English Breakdown
The official source material does not provide specific details on the number of residents who will benefit from the contract or what happens if the annual subsidy amount exceeds $187,308.
Approval of a Long-Term Housing Subsidy Contract
The bill approves a long-term subsidy contract for affordable housing units with 10Q NW LLC to support the District's Local Rent Supplement Program.
What This Bill Does
- Approves a 20-year contract between the District of Columbia and 10Q NW LLC to provide subsidies for five affordable housing units located at 10 Q Street, NW.
- Funds an annual operating subsidy not exceeding $187,308 to support these 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
- Residents living in the five affordable housing units supported by the contract
Terms To Know
- Local Rent Supplement Program
- A program that provides financial assistance to help low-income residents afford rent for their homes.
- Subsidy
- Financial aid given by the government or a private organization to support housing costs.
Limits and Unknowns
- The bill does not specify how many people will be directly affected by this contract.
- It is unclear what happens if the annual subsidy amount exceeds $187,308.