District of ColumbiaPR26-0251Council Period 26 (2025-2026)HouseWALLET

National Community Reinvestment Coalition, 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: 1 benefits, 1 costs, 1 mixed.

No taxpayer backing for these bonds

Bond payments come only from bond proceeds, investment earnings, loan repayments, and other financing‑document sources. The District does not pledge taxes or general funds and has no recourse liability. A trustee holds, invests, and disburses proceeds under the financing documents. District officials are not personally liable unless they act willfully and fraudulently.

Borrower pays District program fees

The Mayor charges the borrower a program fee to cover the District’s costs to issue and monitor the bonds. The fee can also cover recordkeeping and help with redemption, repurchase, or remarketing. The borrower, not District taxpayers, pays this cost.

District authorizes $88M nonprofit bonds

The District authorizes up to $88 million in revenue bonds and loans the money to a nonprofit. The funds refinance the 740 15th Street NW office project and pay related financing costs. Council approval satisfies the federal public‑approval step for tax‑exempt interest after a hearing. The Mayor sets final terms, can delegate duties, and can sell the bonds by negotiation or competition. A bond counsel legal opinion is required before any series is issued. This authorization ends if bonds are not issued within three years.

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