(a) There is hereby created and established within the Treasury of the City of Los Angeles a separate fund to be known as the “HOME Investment Partnerships Program Fund,” hereinafter referred to as the “Fund.”
(b) All monies received or collected by the City as disbursements, grants, loans, fees, penalties or otherwise arising out of the provisions of the City’s HOME Program as set forth by the U.S. Department of Housing and Urban Development, shall be deposited into the Fund, which shall be an interest bearing account.
(c) The Fund shall be administered, and expenditures therefrom shall be authorized, by the General Manager of the Los Angeles Housing Department or the designee thereof in accordance with established City practice. There shall be no expenditure, transfer or other form of disbursement of money from the Fund, or any authority provided or granted with respect thereto, except for purposes directly related to the implementation and administration of the City’s HOME Program, unless the City provides otherwise after obtaining written approval from the U.S. Department of Housing and Urban Development.
SECTION HISTORY
Added by Ord. No. 168,726, Eff. 5-30-93.
Amended by Subsec: (c), Ord. No. 169,067, Eff. 11-1-93; Ord. No. 182,718, Eff. 10-30-13; Ord. No. 187,122, Eff. 8-8-21.