(A) The Economic Development Authority in and for the city (the “EDA”) shall administer the Local Housing Trust Fund on behalf of the city.
(B) Terms and conditions of repayment. The EDA shall determine the terms and conditions of repayment of loans and grants from the Local Housing Trust Fund, including but not limited to, the appropriate security and interest, if any, should repayment be required. Interest on loans and grants shall be as established by the EDA from time to time or at the time of approval of a specific project or program.
(C) Annual report. The EDA shall report annually to the city on the use of the Local Housing Trust Fund, including the number of loans and grants made, the number and types of residential units assisted, and the number of households provided rental assistance and down payment assistance.
(Ord. 2024-1300, passed 4-22-24)