Approval of the assignment of a long-term subsidy contract for affordable housing units at the Sorrento Apartments.

The District of Columbia Housing Authority (DCHA) selected Jubilee Housing to receive funds for affordable housing units at the Sorrento Apartments. This bill approves an agreement to assign the long-term subsidy contract from Jubilee Housing to Jubilee ADMO, extend the contract for twenty years, and allow Jubilee ADMO to assume participation in DCHA’s Local Rent Supplement Program. The extension and assignment are necessary for Jubilee Housing to obtain long-term financing for a rehabilitation of the Sorrento Apartments. The resolution takes effect immediately upon adoption.

Approval of the assignment of a long-term subsidy contract for affordable housing units at the Sorrento Apartments.

The District of Columbia Housing Authority (DCHA) selected Jubilee Housing to receive funds for affordable housing units at the Sorrento Apartments. This bill approves an agreement to assign the long-term subsidy contract from Jubilee Housing to Jubilee ADMO, extend the contract for twenty years, and allow Jubilee ADMO to assume participation in DCHA’s Local Rent Supplement Program. The extension and assignment are necessary for Jubilee Housing to obtain long-term financing for a rehabilitation of the Sorrento Apartments. The resolution takes effect immediately upon adoption.