18.25.030 Affordable Housing Fund.
An affordable housing fund is established.
A. The housing fund shall be administered by the City Manager, or their designee, who shall have the authority to govern the housing fund consistent with this chapter, and with prescribed procedures for said purpose, subject to approval by the Council.
B. Purposes and Use of Funds.
1. Monies deposited in the housing fund along with any interest earnings on such monies shall be used solely to increase and improve the supply of housing affordable to moderate-, low- and very low-income households. Monies may be used to cover reasonable administrative expenses not reimbursed through processing fees, including reasonable consultant and legal expenses related to the establishment and/or administration of the housing fund and reasonable expenses for administering the process of calculating, collecting, and accounting for inclusionary fees and any deferred City fees authorized by this section. No portion of the housing fund may be diverted to other purposes by way of loan or otherwise.
2. Expenditures by the City Manager from the housing fund shall be by contract and controlled, authorized and paid in accordance with general City budgetary policies.
3. Investment of monies from the housing fund shall be made in accordance with the City’s investment policy. (Ord. 1065 § 6 (Exh. A), 2023; Ord. 1062 § 14, 2022; Ord. 1030 § 2(12), 2018; Ord. 999 § 1, 2015; Ord. 941 § 1, 2005. Formerly 18.31.030)