(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the Emergency Rental Assistance Subsidy Program Trust Fund (the Fund).
(b) The purpose of the Fund shall be for the receipt, retention, and disbursement of monies to provide emergency rental assistance to low income residential tenants in the City that are unable to pay rent due to the COVID-19 pandemic (the Program).
(c) The Fund shall be administrated by the General Manager of the Los Angeles Housing Department (the Fund Administrator), who shall be authorized to accept private donations into the Fund and who shall promulgate rules and regulations to implement the Program.
(d) Monies shall be deposited into the Fund as apportioned by the Mayor, City Council, department, office or any private donations made in support of the Program.
(e) Expenditures from the Fund shall be made by the Fund Administrator to provide direct rental subsidy payments to low income tenants at or below 80% of the Area Median Income or to landlords on their behalf. Payments shall be limited to no more than $1,000 per month per low income tenant household, and an aggregate maximum of $2,000 per low income tenant household. Payments shall be in accordance with the guidelines set forth in the Citywide Emergency Rental Assistance Subsidy Program or as otherwise directed by Council.
(f) The Fund Administrator shall maintain records of expenditures within the fund in conformity with standard City practices.
(g) The Fund Administrator shall issue reports, schedule public hearings, and perform other activities as directed by the City Council.
(h) All interest and earnings attributable to the monies in the Fund or any account in the Fund shall be credited to the Fund and shall be devoted to the purpose of the Fund.
(i) At the close of each fiscal year, monies not expended from the Fund shall remain in the Fund and shall not revert to the Reserve Fund in accordance with Charter Section 344.
SECTION HISTORY
Chapter and Section Added by Ord. No. 186,605, Eff. 5-6-20.
Amended by: Subsecs. (c) and (e), Ord. No. 186,702, Eff. 7-9-20; Subsecs. (c) and (e), Ord. No. 186,828, Eff. 12-2-20; Ord. No. 187,122, Eff. 8-8-21.