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(a) Establishment of Fund. The Mayor's Housing Affordability Fund is created as a category two fund to receive any prior legally binding obligations any grants, gifts, bequests from private sources for the purposes cited in subsection (b), any monies repaid to the City as a result of loans made by the City to developers to assist in the development of affordable housing, any repayments of monies to the City where the City is beneficiary under a promissory note which was acquired as a result of the City's housing affordability assistance, any repayments of loans made from this fund and any monies otherwise appropriated to the fund.
(b) Use of Fund. The fund shall be used exclusively for the purpose of providing financial assistance to for-profit and nonprofit housing developers, where the contribution of monies from the fund will allow units in a project to be affordable to persons and families of low and moderate income. City departments may recover any costs of administering any project receiving funds from the Mayor's Housing Affordability Fund. The Mayor's Office of Housing and Community Development ("MOHCD") shall develop procedures and amend its regulations such that, for all projects funded by this fund, it requires the project sponsor or its successor in interest to give preference in occupying units or receiving assistance as provided for in Administrative Code Chapter 47.