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ENROLLED ORIGINAL
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A RESOLUTION
26-165
IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
July 1, 2025
To declare the existence of an emergency with respect to the need to authorize and provide for the
issuance, sale, and delivery in an aggregate principal amount not to exceed $88 million of
District of Columbia revenue bonds in one or more series, and to authorize and provide for
the loan of the proceeds of such bonds to assist National Community Reinvestment
Coalition, Inc. in the financing, refinancing, or reimbursing of costs associated with an
authorized project pursuant to section 490 of the District of Columbia Home Rule Act.
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
resolution may be cited as the “National Community Reinvestment Coalition, Inc., Revenue Bonds
Project Emergency Declaration Resolution of 2025”.
Sec. 2. (a) National Community Reinvestment Coalition, Inc. is a nonprofit corporation
organized and existing under the laws of the District of Columbia (the “Borrower”), which seeks
to have District of Columbia revenue bonds issued and receive a loan of the proceeds from the sale
thereof for the financing, refinancing, or reimbursing of all or a portion of the Borrower’s costs of
the following project (“Project”):
(1) Refinancing the District’s Revenue Bonds, Series 2018A (National Community
Reinvestment Coalition Inc. Issue) and Revenue Bonds, Series 2018B (National Reinvestment
Coalition Inc. Issue), the proceeds of which were used by the Borrower for certain costs of the
acquisition, construction, furnishing, and equipping of 740 15th Street, NW, Washington, DC
20005 (Lot 37, Square 221), an 11-floor, 22-unit office building with a total area of approximately
175,508 square feet;
(2) Funding any credit enhancement costs, liquidity costs, capitalized interest, or
debt service reserve fund relating to the Bonds; and
(3) Paying issuance costs and other related costs to the extent permissible.
(b) The planned financing will make available funds critically needed to finance, refinance,
or reimburse the Borrower for costs of the Project.
(c) Due to the current economic uncertainty in the financial markets, it is important for the
Council to expedite the process for the issuance of the Bonds and avoid any delay that may
adversely affect the ability of the Borrower to market the Bonds to investors or to obtain an interest
rate within the range contemplated by the Project budget.
(d) Council approval of the emergency bond resolution authorizing the issuance of up to
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$88 million of District of Columbia revenue bonds would permit the revenue bonds to be issued
promptly to provide maximum savings for the Borrower and enable the Project described in
subsection (a) of this section to be completed.
Sec. 3. The Council of the District of Columbia determines that the circumstances
enumerated in section 2 constitute emergency circumstances making it necessary that the National
Community Reinvestment Coalition, Inc., Revenue Bonds Project Emergency Approval Resolution
of 2025 be on an emergency basis.
Sec. 4. This resolution shall take effect immediately.