Bill > PR26-0243

This joint resolution authorizes the District of Columbia to issue up to $700 million in revenue bonds to support DC Housing Solutions, Inc., a nonprofit organization, in financing the renovation and modernization of 19 existing multifamily residential rental apartment buildings across Washington, DC. The resolution covers 3,497 total rental housing units across various locations, including comprehensive upgrades to apartment buildings like renovating facilities, purchasing equipment and furnishings, funding working capital costs, and covering related financial expenses. The bonds are considered special obligations of the District, with no recourse to the city's general funds or faith and credit, and are specifically designed to support housing infrastructure improvements. Key provisions include allowing the Mayor to determine bond details like interest rates and payment terms, establishing specific parameters for bond issuance and sale, and providing legal protections that limit the District's liability. The resolution is part of an emergency approval process to facilitate housing development and meets federal and local regulatory requirements for such financial transactions, with a three-year window for completing the bond issuance.

https://lims.dccouncil.gov/Legislation/PR26-0243