All funds shall be used for eligible activities benefiting households according to the following allocations.
(A) The Trust has the discretion to allocate any funds from a public source, such as general revenue, whether state or local, taxes, fees or other public sources dedicated to serving households at or below 80% AMI using the following criteria:
(1) The Trust shall determine the amount of funds dedicated to serving households at or below 30% Area Median Income (AMI) using the affordability gap;
(2) The Trust shall determine the amount of funds dedicated to serving households at or below 50% Area Median Income (AMI) using the affordability gap;
(3) The Trust shall determine the amount of funds dedicated to serving households at or below 80% Area Median Income (AMI) using the affordability gap; and
(4) Public funds may also be allocated to fund homeownership programs in any amount which serve households at or below 80% AMI.
(B) The Trust shall be authorized to accept private gifts, grants, donations, and other contributions and may use these funds to serve households at or below 80% AMI.
(C) The Trust shall include the total amount of public and private funds allocated to programs serving households at or below 80% AMI, including a breakdown of the percentage of public and private funds allocated to programs serving households at or below 80% AMI, 50% AMI, and 30% AMI in its annual report to Metro Council as required by § 40.45(B).
(Lou. Metro Ord. No. 82-2008, approved 5-28-2008; Lou. Metro Am. Ord. No. 115-2024, approved 6-27-2024)