A. There is an established separate fund of the city, known as the Affordable Housing Trust Fund. All monies collected by the city pursuant to this article shall be deposited in the Affordable Housing Trust Fund.
B. The monies in the fund and all earnings from investment of the monies in the fund shall be expended to provide housing affordable to very low-income, low-income, and moderate-income households in the city. Such expenditures may include, but shall not be limited to, the costs of administration, monitoring, and compliance for the city's affordable housing program, as further explained in subsection C.
C. For the purpose of this article, providing housing affordable to very low-, low-, and moderate-income households may include, but is not limited to, expending funds for the following: development of affordable units; acquisition of property for the development of such units; subsidies for the construction of such units; maintenance of affordable housing; partnering with affordable housing developers; conversion of existing market rate units to very low-, low- and moderate-income for-sale or rental units; subsidies for covenants to create or preserve very low-, low-, and moderate-income units; substantial rehabilitation of very low-, low-, and moderate-income units; and costs to administer the Affordable Housing Trust Fund and inclusionary housing program. (Ord. 19-O-2797, 12-17-2019; amd. Ord. 20-O-2823, eff. 11-10-2020; Ord. 21-O-2850, eff. 11-26-2021)