Plain English Breakdown
Checked against official source text during the last sync.
Approval of Rent Supplement Contract for Affordable Housing
The bill approves a long-term subsidy contract to support affordable housing units in the District of Columbia.
What This Bill Does
- Approves a 20-year subsidy contract with 2229 M Street NE Owner LLC to fund housing costs associated with affordable housing units.
- Provides an annual operating subsidy not exceeding $615,228 for 24 affordable housing units.
- Requires the Council of the District of Columbia to send a copy of this resolution to the Housing Authority and the Mayor.
Who It Names or Affects
- The District of Columbia Housing Authority
- Residents who will live in the affordable housing units at 2229 M Street NE
- 2229 M Street NE Owner LLC, which owns the property
Terms To Know
- Subsidy contract
- An agreement where the government provides financial support to help cover costs.
- Affordable housing units
- Homes that are priced so people with lower incomes can afford them.
Limits and Unknowns
- The bill does not specify how long the affordable housing will remain available.
- It is unclear if there are any conditions for maintaining the subsidy over the 20-year period.