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There is hereby established the Innovative Housing Trust Fund ("Trust Fund") to be administered by the Agency Director. Expenses incident to the evaluation, acquisition, sale, leasing, improving, subsidizing, construction, or otherwise fostering the creation, rehabilitation, or improvement of affordable housing for persons with low incomes, or permanent or transitional housing for homeless persons or persons at risk of homelessness, may be paid for from this Trust Fund. The funds held in the Trust Fund shall not be used or budgeted other than for the purposes set forth in this section. The following costs that are related or incidental to the functions and responsibilities listed above that may be paid for from the Trust Fund include:
(a) Procurement of necessary services and supplies directly related to the creation, rehabilitation, or improvement of an affordable housing development;
(b) Payment for permits or other regulatory fees and fines;
(c) Providing loans, at or below market rate, for affordable housing developments, credit enhancement opportunities, or the repayment of loans;
(d) Acquisition, improvement, or rehabilitation of real property, or improvements thereon;
(e) Construction of major or minor facilities; and
(f) Procurement of technological studies, inspections, environmental reviews and site management services.
When evaluating projects to be funded by the Trust Fund, preference may be given to those projects designed to serve special needs populations including, but not limited to, low income persons experiencing homelessness, those at risk of homelessness, veterans, persons with disabilities, seniors, transitional age youth, and families, or as reflected in the County of San Diego Consortium Consolidated Plan, as it may be amended from time to time.
Preferences may be given for projects which include units dedicated to house people with a serious mental illness, as part of Project One for All, and people who are enrolled in Whole Person Wellness.
Preference should also be given to projects that leverage other forms of resources, including capital financing, housing subsidies and complementary support services.
Preference shall be given for projects located in the unincorporated area of the County of San Diego.
Consistent with the requirements and limitations in this Section and subject to the approval and request of the Director, the Director of the Department of Purchasing and Contracting is authorized to contract with the San Diego Housing Commission to carry out the purposes of this Section.
This Trust Fund shall survive for a period of no less than five (5) years. The adequacy of the Trust Fund with respect to the need for affordable housing, both during and beyond the initial five (5) year period, shall be reassessed and the information presented to the Board at least once every five (5) years. Monies from this fund shall be invested by the County Treasurer such that earnings are consistent with prudent investment practices and all earnings accrue to the Trust Fund. Monies from this Trust Fund may be loaned to any of the County family of funds for a period not to exceed 180 days with interest to accrue at the higher of the Treasurer's pool rate or the overnight investment rate.
(Added by Ord. No. 10498 (N.S.), effective 11-9-17; amended by Ord. No. 10614 (N.S.), effective 7-25-19)