(a) There is hereby created within the Treasury of the City of Los Angeles a special trust fund to be known as the “Central City West Housing Trust Fund” hereinafter referred to in this article as “the Fund” to be administered by the Los Angeles Housing Department.
(b) The Department of Building and Safety shall collect payments derived from all new commercial and industrial developments in the Central City West Specific Plan area and remit all such funds to the Treasurer for deposit into the Fund.
(c) The Fund shall be used for the purpose of receiving and disbursing, as authorized, housing payments including, but not limited to, in lieu payments and linkage fees, derived from the requirements of the Central City West Specific Plan.
(d) The monies from the Fund shall only be expended for the purpose of assisting in providing affordable housing within the Central City West Plan area bounded by the Harbor Freeway, the Hollywood Freeway, Olympic Boulevard and Glendale Boulevard, Union Avenue and Witmer Street on the West, or within other housing target areas identified in the Central City West Specific Plan.
(e) Any gifts, contributions or other monies received for the purpose of assisting in providing affordable housing in the Central City West Specific Plan area, including those housing payments made pursuant to provisions of the Central City West Transportation/Land Use Specific Plan, shall be placed in the Fund and all interest earned on the principal shall become part of the Fund.
(f) (None).
(g) No expenditure may be made from the Fund without the prior approval of the City Council and the Mayor.
SECTION HISTORY
Added by Ord. No. 165,383, Eff. 2-4-90.
Amended by: Subsec. (a), (f), Ord. No. 166,009, Eff. 8-2-90; Subsec. (a), (f), Ord. No. 168,841, Eff. 7-24-93; Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00; Subsec. (f) deleted, Ord. No. 176,247, Eff. 11-22-04; Ord. No. 182,718, Eff. 10-30-13; Ord. No. 187,122, Eff. 8-8-21.