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(A) A Local Housing Assistance Trust Fund shall be established and maintained by the city, in a qualified depository as defined in Fla. Stat. Ch. 280. Administration of the local housing assistance trust fund shall comply with SHIP regulations and the applicable rules of the Florida Administrative Code. Any funds deposited into the Local Housing Assistance Trust Fund will be subject to the requirements of SHIP.
(B) All city moneys city received from its share of the local housing distribution, received or budgeted by the city to provide for the local housing assistance plan, as well as moneys guaranteed from the planned activities, i.e., interest generated from planned activities, shall be deposited into the trust fund.
(C) Only expenditures for the administration and implementation of the plan can be made from the fund, as well as any interest earned thereon.
(D) The city agrees that the Local Housing Assistance Trust Fund shall be separately stated as a special revenue fund in the city's audited financial statements. This fund shall be separately audited for each state fiscal year, and the audit shall be forwarded to the Florida Housing Finance agency as soon as it is available.
(Ord. 2018-61, passed 12-6-18)