District of ColumbiaPR26-0243Council Period 26 (2025-2026)HouseWALLET

DC Housing Solutions, Inc. Revenue Bonds Project Emergency Approval Resolution of 2025

Sponsored By: Phil Mendelson (Democratic)

Became Law

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 3 benefits, 0 costs, 0 mixed.

No taxpayer guarantee for bonds

Principal and interest are paid only from bond proceeds, loan repayments, investment income, and other non‑District sources named in the financing documents. The bonds are special obligations and are not backed by the District’s faith and credit or taxing power. The District and its officials owe no money on these bonds unless there is willful fraud. A trustee may hold collateral, invest funds, and make payments under the documents. The Mayor charges the borrower a program fee to cover issuance, monitoring, and recordkeeping, so taxpayers do not bear those costs.

Up to $700M for apartment repairs

The law authorizes up to $700 million in District revenue bonds. The money is loaned to DC Housing Solutions, Inc. It pays for repairs and upgrades to 19 apartment buildings with 3,497 rental units, plus related costs. The Council approval after a public hearing meets the local step for tax‑exempt financing. A bond counsel opinion on validity, and on tax status if tax‑exempt, is required before any issue. Refunding is allowed if total principal stays under $700 million, and the authority ends if bonds are not issued within three years.

Flexible bond sale and terms

The Mayor sets final bond terms, including amounts, rates, dates, and redemption rules. The Mayor may create reserve funds and arrange credit support. Bonds may be sold by negotiated or competitive sale at, above, or below par. The Mayor or a delegate signs and deems offering documents final under federal law and delivers bonds when paid for. The Mayor can execute financing and closing documents and delegate these duties.

Sponsors & Cosponsors

Sponsor

Phil Mendelson
Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 12 • No: 0

House vote • 7/1/2025

Final Reading