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The following definitions apply in this article:
"Affordable housing" means housing that is rented at an affordable rent or sold at an affordable housing price.
"Affordable housing price" means a sales price at which low-income households can qualify for the purchase of for-sale dwelling units. Qualification is based on no more than 35% of income being applied to housing expenses (mortgage principal and interest, taxes, insurance, and assessments).
"Affordable rent" means a monthly rent consisting of a maximum of one-twelfth of 30% of 80% of the median income in the county, adjusted for household size appropriate to the unit, less a reasonable allowance for utilities. The median income in the county is determined by the United States Department of Housing and Urban Development.
"Fee report" means the city council-approved nexus study that calculates the housing trust fund fee amounts, including any amendments.
"Housing unit" means a dwelling unit of any tenure or price.
"Housing trust fund" means the fund created by section 18.56.430.
"Housing trust fund fee" means the fee established by the city council under section 18.56.420 to provide funding for the direct and indirect costs of constructing affordable housing, with priority given to very low-income households.
"Low-income households" means households with incomes at 80% or below of the median income in the county as determined by the United States Department of Housing and Urban Development.
"Mixed-use project" means any development project that is comprised of both a commercial or industrial use and a residential use.
"Nonresidential development project" means a construction project undertaken for the purpose of developing a commercial or industrial use set forth in the Planning and Development Code, a mixed-use project, or any other use determined by the city manager to impact housing demand.
"Regulatory agreement" means an agreement with the Sacramento Housing and Redevelopment Agency, recorded on title, requiring the dwelling units to remain affordable for a period of no less than 30 years.
"SHRA director" means the director of the Sacramento Housing and Redevelopment Agency or the director's designee.
"Very low-income households" means households with incomes at 50% or below of the median income in the county as determined by the United States Department of Housing and Urban Development. (Ord. 2017-0013 § 1)
The housing trust fund fee is established and imposed on nonresidential development projects. The fee amounts adopted by city council resolution shall not exceed the amounts calculated in the fee report, provided that the fee amounts may be subject to automatic annual adjustment as specified by city council resolution. (Ord. 2017-0013 § 1)
A. The housing trust fund is established. The city shall deposit all revenues generated under this article, and any interest earned on the fund balance, into the housing trust fund. The housing trust fund may receive monies from other sources.
B. The housing trust fund shall be administered by the SHRA director, who has the authority to govern the fund consistent with this article and to prescribe procedures for that purpose, subject to approval by the city council.
C. Revenues and interest income deposited into the housing trust fund shall be used to do the following:
1. Provide loans, grants, or other subsidies to nonprofit and for-profit housing developers, governmental entities, and individuals to develop new or substantially rehabilitated affordable housing for low-income and very low-income households whose members are in the labor force, with priority given to very low-income households; and
2. Reimburse the city and SHRA for the costs of administering the housing trust fund fee, the housing trust fund, and this article.
D. Section 18.56.140, concerning the disposition of unexpended or unappropriated fee revenues, does not apply to the housing trust fund fee or housing trust fund.
E. Section 18.56.150, concerning annual reports and review of fees, does not apply to the housing trust fund fee or housing trust fund. Instead, the SHRA director, by June 30th of every year, shall prepare for the city council a report identifying the following information for the prior calendar year:
1. A statement of income, expenses, disbursements, and other uses of the housing trust fund;
2. The current housing trust fund fee amount, reflecting any automatic annual adjustments under section 18.56.120;
3. The total number of low-income and very low-income housing units constructed or assisted during the prior calendar year and the amount of such assistance; and
4. Any recommended changes necessary to carry out the purpose of this article. (Ord. 2017-0013 § 1)
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