.010 Establishment and Purpose. The City Council hereby establishes the City of Anaheim Local Housing Trust Fund (“LHTF”) to provide assistance in developing and maintaining affordable housing in the City.
.020 Funding Sources. The LHTF shall receive funding from voluntary developer contributions and grant opportunities. The LHTF may also receive funds from any other legally available source.
.030 Eligible Uses; Guidelines.
.0301 Generally. Funds deposited in the LHTF, and all interest thereon, shall be used to increase, improve, and preserve the City’s supply of affordable housing.
.0302 Guidelines. The terms and conditions governing the City’s expenditure of funds from the LHTF shall be set forth in guidelines adopted by the City Council (“Guidelines”). Among other things, the Guidelines shall establish eligible project types, eligible and ineligible costs, funding criteria and priorities, typical loan terms, and the application process. Adoption of the Guidelines, and any amendments, shall be by City Council resolution.
.0303 City Council Approval. Notwithstanding subsection .0302 (Guidelines) above, all expenditures from the LHTF shall require City Council approval.
.040 Administration.
.0401 Housing and Community Development Department. The Director of Housing and Community Development, or designee, shall serve as the administrator of the LHTF. The Director’s administrative responsibilities shall be set forth in the Guidelines.
.0402 Finance Department. The Finance Director/City Treasurer, or designee, shall provide financial management and accounting services for the LHTF. In addition to any responsibilities provided in the Guidelines, these responsibilities shall include: disbursing and collecting LHTF funds; maintaining and managing a separate account or accounts for LHTF funds; and, maintaining financial records for the LHTF.
.050 Annual Report. The Director of Housing and Community Development, or designee, shall prepare and present an annual report to the City Council regarding the activities undertaken with funds from the LHTF in the previous year and any other topics required by the Guidelines. (Ord. 6588 § 1; August 20, 2024.)