Separate accounts in the housing development fund

The housing development fund shall contain the following separate accounts:Development Revolving Account. The development revolving account shall be used for the interim financing of housing development projects. The proceeds generated from the sale of housing units, the rental of housing units or the refinancing of such projects shall be deposited into the fund and credited to the development revolving account. Other revenue received by the County for its housing programs that is not specifically designated to an account in the housing development fund, including but not limited to the County's share of net appreciation from a shared appreciation program, and developer fees or donations, shall be deposited into the fund and credited to the development revolving account.Buyback Account. The buyback account shall be used to administer the County's restriction on sale or transfer, debt, and use, commonly known as the "buyback" provision. All revenue received upon the sale of fee simple dwelling units resold pursuant to the "buyback" provision shall be deposited into the fund and credited to the buyback account.Development Trust Account. The development trust account shall be used to administer payments made by developers in lieu of providing housing units required by Ordinance Number 860 or other law. Inlieu fees approved by the Housing Agency and accepted by the County shall be deposited into the fund credited to the development trust account until such time there are sufficient funds available to develop affordable workforce housing units. The monies shall be utilized by the County for the planning, administering and construction of affordable workforce housing and such use may include, but not be limited to:Subsidizing the capital improvements of rental or home-ownership housing;Purchasing the County's fee interest in establishing leasehold estate properties; orAcquiring real property suitable for residential purposes.Leasehold Account. The leasehold account shall be used to administer the County's limited equity lease-hold program and other County residential lease programs, including, but not limited to, the acquisition and maintenance of property, and operation of the programs. All revenue received upon the sale of leasehold dwelling units sold pursuant to the County's limited equity leasehold program shall be deposited into the fund and credited to the leasehold account.