Housing Unit Financing

The County shall create and the Housing Agency shall administer the following fund accounts:Development Funds.Unrestricted Account. There shall be an account for the purpose of providing equity for the development of workforce housing that is unrestricted as to geographical location or low income qualification.Geographical Restricted Accounts. There shall be a separate account for each geographical area where in-lieu fees have been collected for the purpose of providing equity for the development of workforce housing.Buyback and Leasehold Accounts. There shall be an account for the purpose of providing the funds:For the County to exercise its repurchase option pursuant to the restriction on sale or transfer, debt, and use (buyback), where funds will revolve or partially revolve.For the County to purchase buyback or workforce units that are then resold as leasehold estates for less than the cost to the County.HUD and Program Income Funds. The County shall have accounts to provide equity for rental projects, low cost mortgage loans, and project development interim construction loans from its annual funding from the Community Planning and Development Division of the United States Department of Housing and Urban Development and program income funds administered by the County.