(A) Creation; management and administration. There is hereby established the Housing Trust Fund, to be held as a separate fund within the city, for the purpose of advancing affordable housing opportunities. The city, by and through its Director of Finance, shall be responsible for the day to day investment and fiscal maintenance and management of the Housing Trust Fund. The day to day fiscal maintenance and management shall be undertaken pursuant to the approved investment policies and practices used by the city for other similarly held funds. Except for disbursements and other action taken as part of the day to day fiscal maintenance and management of the Housing Trust Fund, no disbursements of the Housing Trust Fund shall be made except by the Director of Finance, or his or her designee, in accordance with this chapter and Chapter 35 of the city code. The Housing Trust Fund Board shall advise the City Council with respect to the organization, operation and implementation of the Housing Trust Fund as set forth in § 32.083.
(B) Purpose.
(1) The purpose of the Housing Trust Fund is to provide financial resources to address the affordable housing needs of individuals and families of low- and moderate-income households by promoting, preserving or producing long-term affordable housing; providing housing-related services to low- and moderate-income households, and providing support for not-for-profit organizations that actively address the affordable housing needs of low- and moderate-income households.
(2) The Housing Trust Fund may provide financial support for a wide variety of eligible activities that serve persons in low- and moderate-income households, including, without limitation:
(a) Seniors on fixed incomes;
(b) Persons with disabilities who require accessible affordable housing;
(c) Persons employed in the city but financially unable to live in the city;
(d) Single-parent families; and
(e) Young households.
(C) Distribution and use of Housing Trust Fund. The City Council shall be solely responsible for the distribution of the Housing Trust Fund resources and funds in accordance with the requirements of this section. Distribution of funds from the Housing Trust Fund shall be in the form of grants or loans or such other funding mechanisms that support the purposes of the Housing Trust Fund. Any Housing Trust Fund money unused at the end of any year shall remain in the Housing Trust Fund for future eligible activities, pursuant to the requirements of this subchapter.
(Ord. 2011-01, passed 1-3-2011)