An Affordable Housing Fund is hereby established to receive all housing impact and other applicable fees and funds.
(A) All applicable affordable housing in-lieu fees and nonresidential/commercial linkage fees collected shall be deposited into the Affordable Housing Fund. The monies deposited in the Affordable Housing Fund, with any interest earned, shall be used solely to increase and improve the supply of housing affordable to moderate, low, and very low-income households, consistent with the goals and policies contained in the town's housing element and affordable housing requirements and policies.
(B) The Affordable Housing Fund shall be administered by the Planning Director and the Finance Director who may develop procedures to implement said fund consistent with the requirements of this chapter and subject to any adopted budget of the town and generally acceptable accounting and procurement processes.
(Ord. 884, passed 11-1-2023)