Bill > PR26-0242

This resolution declares an emergency to authorize the issuance of up to $700 million in District of Columbia revenue bonds for DC Housing Solutions, Inc., a tax-exempt nonprofit organization, to finance a comprehensive renovation project involving 19 multifamily residential rental apartment buildings across Washington, DC. The project encompasses 3,497 rental housing units located at various addresses, and includes renovating, modernizing, and rehabilitating these facilities, purchasing and installing equipment and furnishings, funding working capital costs, covering bond-related expenses, and paying issuance costs. The emergency declaration is justified by current economic uncertainties in financial markets, which necessitate expediting the bond issuance process to enable the organization to market the bonds effectively and secure favorable interest rates. By approving this resolution, the DC Council aims to provide critical funding that will support the extensive housing improvement project and allow DC Housing Solutions, Inc. to proceed with its planned renovations and upgrades to these residential properties.

https://lims.dccouncil.gov/Legislation/PR26-0242