The city shall establish an Affordable Housing Trust Fund for the purpose of collecting any and all funds related to the city’s affordable housing programs pursuant to this chapter. Such funds shall include, but not be limited to, voluntary contributions and state and federal assistance, including Community Development Block Grant (CDBG) funding, State Housing Initiative Partnership (SHIP) and the Home Investment Partnership Program (HOME), and shared appreciation dollars collected at the closing of sales of designated properties.
(A) The funds collected for deposit in the Affordable Housing Trust Fund may be utilized for the following affordable housing programs:
(1) Down payment assistance to eligible households;
(2) Acquisition and construction of affordable housing units;
(3) Enhancement of county, state and federal affordable housing programs; and
(4) Rehabilitation of existing affordable housing units.
(B) The City Commission may from time to time by resolution authorize additional programs which may be funded through the Affordable Housing Trust Fund.
(C) The City Manager, or his or her designee, shall provide the required supervision for the Affordable Housing Trust Fund and shall oversee the account. A financial status report on the Affordable Housing Trust Account shall be provided to the City Commission on or before October 1 of each calendar year.
(Ord. 1575, passed 3-21-07)