(a) Establishment of Fund. The Housing Stability Fund (the “Fund”) is established as a category four fund to receive any monies appropriated or donated for the purpose of providing funds for the acquisition, creation, operation, development, construction, or rehabilitation of Social Housing Developments as defined in subsection (e).
(b) Use of Fund. The Housing Stability Fund shall be used exclusively for the purpose of providing funds for Social Housing Developments including, but not limited to, the acquisition of land and/or improvements, preservation, development, rehabilitation, construction, operation, loans, grants, and other eligible uses determined by the Mayor’s Office of Housing and Community Development (“MOHCD”), and as included in any Housing Stability Fund regulations. Among the objectives of the Fund is to prioritize acquisition and creation of affordable housing that lacks access to traditional state and federal affordable housing funding.
(c) Administration of Fund. MOHCD shall administer the Housing Stability Fund, and in that capacity may expend funds for a range of eligible uses in accordance with annual program goals and priorities set for the F1
per subsection (d), and enter into loan or grant agreements under terms as determined in the Housing Stability Fund regulations.
(d) Reporting. MOHCD shall submit a report annually by February 15 to the Board of Supervisors and the Mayor, on the use of the Housing Stability Fund during the preceding calendar year, which shall include, but need not be limited to, the amounts approved for disbursement to specific uses, the number and size of sites acquired and type (including improved or vacant), the scope of rehabilitation work for improved sites, the number of units developed or assisted by the Housing Stability Fund, the neighborhoods/geography of projects funded, the impact on racial equity, and overall program implementation goals for the current fiscal year and proposed priorities for the next fiscal year. The report to the Board of Supervisors shall be accompanied by a draft motion for the Board to accept the report.
(e) Social Housing Developments. Social Housing Developments are housing developments that meet the following two criteria: (1) the City, a nonprofit, residents, or a residents association under binding regulatory agreement ensuring permanent affordability, retains an ownership interest in the land, improvements, or both, or has permanent loan and regulatory agreements for the property, and (2) the Social Housing Development serves all income qualified households with a maximum average of not more than 80% of median income across all units in a project, based on the median income within the zip code area where the project is located, as determined and updated annually and published by MOHCD and affordable to such households applicable to a unit. Social Housing Developments shall include, but not be limited to, community land trusts, limited equity cooperative housing, nonprofit housing corporation housing, and municipal housing. MOHCD shall establish minimum regulatory requirements for all Social Housing Developments, including but not limited to, enforceable income and affordability restrictions for the useful life of the property but no less than 99 years through a recorded restriction or ground lease from MOHCD.
(f) Fund Regulations. The Director of MOHCD, or the Director’s designee, is authorized to develop program rules and regulations regarding use of monies in the Housing Stability Fund, including regulatory agreements to ensure permanent affordability of Social Housing Developments funded under this program, to best achieve the purposes of the Fund. No housing funded under this program shall be allowed to be used for Short-Term Residential Rental in accordance with Administrative Code Section 41A.4.
(Added by Ord. 233-20, File No. 201183, App. 11/13/2020, Eff. 12/14/2020)
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