Housing fund appropriations

In adopting each fiscal year's budget and capital program, the Council shall appropriate a minimum of 2% of the certified real property tax revenues to the housing development fund. If the 2% appropriation from certified real property tax revenues is used in connection with the issuance of any bonds, including securing the payment of any bonds and the interest thereon, the Council may covenant with or for the benefit of the holder of any bonds issued that so long as any bonds remain outstanding and unpaid, the Council will fix, maintain, and collect the necessary revenue. Appropriations for expenditures from the housing development fund shall be pursuant to ordinance and limited to government affordable and workforce housing projects developed by or in conjunction with the Kaua'i County Housing Agency, which shall include plans; land acquisition; onsite, offsite, and building construction; interim construction financing; administrative project costs; buybacks; efforts associated with the Department of Water Facilities Reserve Charge for additional rental units certified as affordable by the Housing Agency; and other related government affordable and workforce housing expenditures as authorized by the Council. When possible, appropriation from the development trust account shall be for an affordable, workforce, or employee housing project that is located within the same real property tax zone as the development that generated the in-lieu fees.