Additional rules for the affordable housing fund

(a) All expenditures from the affordable housing fund shall be made consistent with the priorities established by a commission created by council resolution or, in the absence of a commission, with the priorities established by the council by resolution. (b) Moneys in the affordable housing fund may also be used for the payment of principal, interest, and premium, if any, due with respect to bonds issued after enactment of this ordinance and pursuant to Charter §§ 3-116 or 3-117, in whole or in part, for the purpose enumerated above and for the payment of costs associated with the purchase, redemption or refunding of such bonds. (c) At any given time, no more than 5 percent of the moneys in the affordable housing fund shall be used for administrative expenses. (d) Any balance remaining in the affordable housing fund at the end of any fiscal year shall not lapse, but shall remain in the affordable housing fund, accumulating from year to year. The moneys in the affordable housing fund shall not be used for any purposes except those listed in this article. (e) The appropriations to the affordable housing fund shall not substitute for, but shall be in addition to, those appropriations historically made for the purposes stated in this article.