The bill approves the transfer and extension of a long-term subsidy contract for the Mozart Apartments.
The bill approves an agreement to transfer the long-term subsidy contract for the Mozart Apartments from Jubilee Housing to Jubilee ADMO, an affiliate, and extend the contract by twenty years to 2046. This transfer and extension are necessary conditions for Jubilee Housing to secure long-term financing for the rehabilitation of the Mozart Apartments, which provide affordable housing for extremely low-income families and individuals with disabilities. The Council's approval ensures the continuation of the operating subsidy for fourteen affordable housing units at the Mozart Apartments.
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