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)