Affordable housing fund: money in, how it's used

A. There shall be deposited into the affordable housing fund all moneys paid to the County in lieu of providing residential workforce housing units, any council appropriations to the fund, and all moneys donated to the County for affordable housing projects. The revenues and unencumbered balance in the fund shall be used for the provision, protection, and expansion of affordable housing and suitable living environments for residents of very low to gap income, including the rehabilitation of existing structures, land purchase or other acquisition of land or property entitlements, planning, design, and construction. B. In adopting fiscal year annual operating budgets and capital improvement programs, the council must appropriate a minimum of three percent of the certified real property tax revenues to the affordable housing fund. Any appropriations to this fund must not substitute, but must be in addition to, those appropriations historically made for the purposes stated. C. The revenues and unencumbered balance in this fund shall not be used for any purpose except those defined in this chapter. D. On an annual basis, no more than three percent of this fund shall be used for administrative expenses. ( Ord. No. 5369 , § 2, 2022; Ord. 4323, § 2, 2016 ; Ord. No. 3817, § 1, 2011; Ord. 3481 § 1, 2007: Ord. 3418 § 2, 2006)