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(a) Establishment of Fund. The Affordable Housing Production and Preservation Fund (“the Fund”) is hereby established as a category four fund to receive monies appropriated from excess Education Revenue Augmentation Fund (“Excess ERAF”) revenues received by the City.
(b) Intent to Appropriate Excess ERAF Funds. It is the intent of the Board of Supervisors to appropriate 50% of all projected Excess ERAF revenue to the Fund in each fiscal year beginning in FY2019-2020, and to appropriate the remaining 50% of such revenue for general one-time or ongoing uses, subject to the fiscal and budgetary provisions of the Charter. Further, it is the intent of the Board of Supervisors to appropriate at least 50% of all projected Excess ERAF revenues in each fiscal year to one-time uses and up to 50% for ongoing uses. The Board intends to make such appropriations on an annual basis, appropriating in each year’s Annual Appropriations Ordinance the projected Excess ERAF revenues that the City receives in that fiscal year.
(c) Administration and Use of Funds. The Mayor’s Office of Housing and Community Development (“MOHCD”) shall administer the Fund, and may consult with the City Administrator, the Board of Supervisors, and other City bodies and departments on potential uses of monies in the Fund to strive for a geographic balance of investments. Monies in the Fund shall only be used for the purposes of (1) funding land acquisition and production of new 100% affordable housing projects, and (2) acquisition and preservation of existing housing with the goal of making such housing permanently affordable, including but not limited to acquisition of housing through the City’s Small Sites Program. In each fiscal year, up to 60% of the monies appropriated to the Fund in the fiscal year shall be used for purpose (1), and at least 40% of the monies appropriated to the Fund in the fiscal year shall be used for purpose (2).
(d) By no later than May 1, 2021 and every two years thereafter, MOHCD shall submit to the Board of Supervisors and the Mayor a report evaluating the uses of monies in the Fund. In preparing the report, MOHCD shall rely on data from the Housing Balance Report required under Planning Code Section 103, as well as any other information MOHCD determines are relevant. MOHCD’s report shall include, at a minimum, information regarding the number of new affordable units built using monies from the Fund, the number of units preserved as permanently affordable using monies from the Fund, the geographic balance of investments from the Fund, any unspent monies in the Fund, an analysis of funding gaps and ongoing needs for affordable housing, and potential recommendations to alter the target funding allocations in order to meet these needs.
(Added by Ord. 112-19, File No. 190438, App. 6/21/2019, Eff. 7/22/2019)