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A. Purpose of Eligible Activity. An applicant shall be required to demonstrate that the requested eligible activity will advance and support the purpose of the Housing Trust Fund as set forth in this article.
B. Eligible Activities. The use of Housing Trust Fund resources shall be limited to the following which shall be considered eligible activities:
1. Production of affordable housing including, without limitation, new construction, rehabilitation, and adaptive re-use;
2. Acquisition and disposition, including, without limitation, vacant land, single- family homes, multi-unit buildings, and other existing structures that may be used in whole or part to provide affordable housing;
3. Grants or loans to not-for-profit organizations that are actively engaged in addressing the housing needs of eligible households;
4. Financial assistance to eligible households to rent dwelling units;
5. Financial assistance to eligible households to purchase dwelling units;
6. Financial or in-kind assistance to preserve and/or maintain existing affordable housing;
7. Weatherization of dwelling units occupied by eligible households; or
8. Emergency repairs to dwelling units occupied by eligible households.
C. Criteria for Award of Housing Trust Fund Resources. Among applications for funding for eligible activities that otherwise meet established program requirements and eligibility criteria, priority shall be given to:
1. Applications that provide for leveraging of funds for projects, i.e., that yield a larger amount of housing provided or a larger dollar value for the level of funding being sought;
2. Applications that provide the longest term of permanent affordability; and
3. Applications that provide housing to serve the needs of households with the lowest incomes.
D. The Village may approve additional criteria and priorities in connection with a specific program as adopted by the Village Board. (Ord. 22-23, 5-2-2022)
A. The Village Board shall be solely responsible for the approval of all programs and applications that utilize the expenditure of Housing Trust Fund monies. Applications for Housing Trust Fund awards shall be submitted to the Director of Development Customer Services or the Director's designee. Applications or programs that comply with the applicable requirements shall be forwarded to the Housing Programs Advisory Committee, and any applications or programs that do not comply shall be returned to the applicant with a written explanation of why the application will not be considered. The Housing Programs Advisory Committee shall review and make recommendations to the Village Board as to which applications or programs should be awarded funding.
B. The Village Board may in its discretion approve a program that delegates the approval of applications and the dispersal of Housing Trust Fund monies to the Housing Programs Advisory Committee or Development Customer Services Director or he Director's designee, provided that provisions for the disbursement of Housing Trust Fund monies are specifically set forth within the scope of that program, and the program complies with the provisions of this article. (Ord. 22- 23, 5-2-2022)
As a condition of any Housing Trust Fund award for an eligible activity, an applicant shall execute and record such agreements, conditions, restrictive covenants, and other similar instruments as may be required by the Village to ensure that Housing Trust Fund resources will be used efficiently and for the intended purposes. Among other requirements, such conditions may bind an applicant and an applicable property to the requirements of this article and provide that an award shall be used in strict compliance with the requirements of the this Code and such conditions. The Village may also include a requirement that if a property or development is no longer being used for affordable housing pursuant to the requirements of the specific award, the applicant or successor owner of the property or development shall be required to reimburse the Housing Trust Fund for up to one hundred percent (100%) of the award, plus applicable interest. (Ord. 22-23, 5-2-2022)
The Village Manager or the Village Manager's designee is authorized to accept funds, property, and other resources from all proper and lawful public and private sources including, without limitation, cash payments in lieu of constructing some or all of the on-site affordable units as required by chapter 12 ("Housing"), article 5 ("Inclusionary Housing") of this Code, as amended, for the benefit of the Housing Trust Fund. The Village’s Chief Financial Officer shall deposit all funds collected pursuant to the transient occupancy rental unit surcharge tax set forth in section 23A-4-2(B) of this Code into the Housing Trust Fund. The Village Board in its sole discretion may make additional funds available to the Housing Trust Fund from the Village's general fund as it may deem necessary and appropriate. (Ord. 22-23, 5-2-2022; amd. Ord. 24-108, 2-20-2024)