Plain English Breakdown
While the bill text confirms the approval of a long-term subsidy contract, it does not provide detailed information on the duration beyond '20-year' or conditions for renewal after this period.
Approval of Local Rent Supplement Program Contract
The bill approves a long-term subsidy contract for the District's Local Rent Supplement Program to support affordable housing units.
What This Bill Does
- Approves a 20-year subsidy contract with 950 Eastern Ave TM L.L.C. for the Local Rent Supplement Program.
- Funds housing costs associated with 13 affordable housing units located at 950 Eastern Avenue NE.
- Requires an annual operating subsidy of up to $437,216 for these units.
- Transmits a copy of the resolution to the District of Columbia Housing Authority and the Mayor upon adoption.
Who It Names or Affects
- The District of Columbia Housing Authority
- 950 Eastern Ave TM L.L.C.
- Residents living in the affordable housing units at 950 Eastern Avenue NE
Terms To Know
- Local Rent Supplement Program
- A program that provides financial support to make housing more affordable.
- Subsidy contract
- An agreement where the government gives money or other benefits to help with costs.
Limits and Unknowns
- The bill does not specify how long the units will remain affordable.
- It is unclear if there are any conditions for renewal of the subsidy after the initial 20-year period.