What the county housing fund can pay for

(a) The County housing program revolving fund shall be utilized for the following: (1) Planning, design, and development of affordable housing units either by the County or by non-profit housing development partners; (2) Exercising the buy-back option running in favor of the County contained in any conveyance document and to pay the costs of maintaining, repairing, renting, or reselling units purchased by the County pursuant thereto; (3) Acquisition of vacant land for use as affordable housing, that may be developed by the County or with non-profit partners; (4) Acquisition of existing structures for use as affordable housing; (5) Rehabilitation of existing structures currently in use as affordable housing or acquired by the County to use for affordable housing; (6) Infrastructure to support affordable housing development; (7) Subsidies, grants, and loans to support very low-income, lower-income, and moderate-income households with upfront costs for rental units or mortgage financing; (8) Subsidies, grants, and loans to support very low-income, lower-income, and moderate-income households with rental assistance or mortgage payments to prevent houselessness or foreclosure; or (9) Purchasing of deed restrictions on private properties limiting resale to qualified buyers at resale values for lower-income and moderate-income households in perpetuity as established by the office of housing and community development administrative rules. (b) Any interest earned by the fund and any advanced costs that are recovered from housing project funds shall be returned to the revolving fund. (c) Whenever used in this section, unless the context otherwise requires; “Lower-income household” means households with incomes from 50% to 80% of the area median income. “Moderate-income household” means households with incomes from 80% to 120% of the area median income. “Very low-income household” means households with incomes from 0% to 50% of the area median income. SUPP. 13 (1-2023) 2-28 ADMINISTRATION § ERROR! REFERENCE SOURCE NOT FOUND.