2.80.040: FUND CREATED:

There is created a restricted account within the general fund, to be designated as the "Salt Lake City housing trust fund" (the "fund"). The fund shall be accounted for separately within the general fund, and the fund shall be used exclusively to assist with affordable and special needs housing in the city. No expenditures shall be made from the fund without approval of the city council.

   A.   There shall be deposited into the fund all monies received by the city, regardless of source, which are dedicated to affordable housing and special needs housing including, but not limited to, the following:

      1.   Grants, loan repayments, bonuses, entitlements, mitigation fees, forfeitures, donations, redevelopment tax increment income, and all other monies dedicated to affordable and special needs housing received by the city from federal, state, or local governments;

      2.   Real property contributed to or acquired by the city under other ordinances for the purposes of preserving, developing, or restoring affordable housing;

      3.   Monies appropriated to the fund by the council; and

      4.   Contributions made specifically for this purpose from other public or private sources.

      5.   CDBG, ESG, and HOPWA monies only as designated by the city's community development advisory board and approved by the mayor and city council, and HOME monies only as designated by the city's housing trust fund advisory board and approved by the mayor and city council.

   B.   The monies in the fund shall be invested by the city treasurer in accordance with the usual procedures for such special accounts. All interest or other earnings derived from fund monies shall be deposited in the fund. (Ord. 91- 24, 2024: Ord. 67-13, 2013)

2.80.050: BOARD CREATED:

There is created the Salt Lake City housing trust fund advisory board (the "board"), which body shall consist of eleven (11) appointed members, at least one of whom has a household income which qualifies such person for affordable housing benefits or programs. Membership shall consist of residents of the city as follows:

   A.   Seven (7) citizens, one from each city council district, with expertise or experience in affordable and/or special needs housing, which may include a full range of such expertise and/or experience from citizens who are considering purchasing their first home to citizens who have a strong background in affordable housing;

   B.   Four (4) citizens at large who have experience or expertise in areas of business, real estate, or housing development generally.

The board may also consult with persons who have experience or expertise in areas such as finance, real estate, affordable housing development, and law as well as with representatives from other city boards and commissions in order to solicit advice on specific projects. (Ord. 67-13, 2013)

2.80.060: TERM:

All appointments of members of the board shall be made for a three (3) year term which shall expire on the applicable last Monday in December. (Ord. 67-13, 2013)

2.80.070: MEETINGS:

   A.   The board shall convene for regular quarterly meetings to be held at least four (4) times each year. Additional meetings may be held as needed in order to conduct the business of the housing trust fund. (Ord. 67-13, 2013)