How the affordable housing fund can be spent

The council may make appropriations from the affordable housing fund for the provision, protection, and expansion of affordable housing and suitable living environments, including the rehabilitation of existing structures, land purchase or other acquisition of land or property entitlements, planning, design, and construction, for residents whose income is between very low income, as defined in section 2.96.020 , and gap income, as defined in section 3.35.025 (B), in addition to the following: A. To increase the supply of affordable, rental, and owner-occupied housing. B. To acquire interests in real property. C. For planning, design, or construction of affordable rental or owner-occupied housing for residents within income-qualified groups. D. To provide housing for elderly, disabled, and homeless residents lacking a permanent home. E. To provide grants or loans to an entity building 100 percent affordable projects or to any nonprofit or community land trust that complies with section 501(c) of the Internal Revenue Code and any other requirement under federal, state, and county law regulating the conduct of charitable or nonprofit organizations, provided that the purpose of any grant or loan must be for the purposes in section 3.35.010 . F. To leverage funds provided by federal, state, nonprofit, or for-profit organizations and other non-County entities to further expand affordable housing opportunities. G. To acquire existing housing or cooperative units for rehabilitation as affordable rental or owner-occupied housing, or both. H. To increase investment in public infrastructure in connection with related affordable housing projects. I. To provide comprehensive infrastructure assessments for priority affordable housing projects. J. To provide long-term planning for affordable housing and houselessness solutions. K. To provide funds for payment of principal and interest on bonds issued. ( Ord. No. 5369 , § 3, 2022; Ord. 3481 § 3 (part), 2007)