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(A) Revenue source. In addition to the initial deposit of funds, the Mayor and Metro Council will endeavor to establish revenue sources and appropriate funds for deposit in the Fund from time to time. Other private monies and or donations may be accepted, however the Affordable Housing Trust Fund Board shall work to create a dedicated, renewable source of public revenue.
(B) Distribution. The Affordable Housing Trust Fund Board will establish the policies and governance of the Trust Fund. Distribution of funds from the Affordable Housing Trust Fund shall be in the form of grants or loans or such other funding mechanisms that support the purposes of the Affordable Housing Trust Fund. Any unexpended balance of the Affordable Housing Trust Fund remaining at the close of a fiscal year shall not lapse but shall continue into the succeeding fiscal year for future eligible activities, pursuant to the requirements of this subchapter.
(C) All revenues recaptured from loans or unfulfilled grants shall be returned to the Affordable Housing Trust Fund for future use.
(D) The initial startup grant from Metro Government together with any accumulated interest shall be deposited in account administered by the Trust and spent for its purposes as provided in this subchapter. The Affordable Housing Trust Fund Board may, in its discretion, encroach on the principal of the Affordable Housing Trust Fund when necessary to administer the Trust, in amounts not to exceed $100,000 in any fiscal year. The Affordable Housing Trust Fund Board may request of the Louisville Metro Council, at any time, that this limit on administrative costs be modified or waived.
(Lou. Metro Ord. No. 82-2008, approved 5-28-2008; Lou. Metro Am. Ord. No. 149-2009, approved 9-29-2009)