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(a) Purpose. There is hereby established a separate fund set aside for a special purpose entitled the SOMA Community Stabilization Fund (“Fund”), and within the Fund an account related to the Community Facilities District defined in Section 434 called the SoMa Community Facilities District Account (“Community Facilities District Account”). The Fund and the Community Facilities District Account shall be held and maintained by the Controller. All monies collected by DBI pursuant to Section 418.3 shall be deposited in the Fund, to be maintained by the Controller. The Controller may direct certain proceeds of the Community Facilities District special tax, as defined in Section 434, collected pursuant to Section 434, to be deposited into the Community Facilities District Account. Proceeds of bonds issued for the Community Facilities District shall not be deposited into the Community Facilities District Account. The receipts in the Fund and the Community Facilities District Account are hereby appropriated in accordance with law to be used solely to address the effects of destabilization on residents and businesses in SOMA subject to the conditions of this Section 418.7.
(b) Use of Funds.
(1) All monies deposited in the Fund shall be used to address the impacts of destabilization on residents and businesses in SOMA including assistance for: affordable housing and community asset building, small business rental assistance, development of new affordable homes for rental units for low income households, rental subsidies for low income households, down payment assistance for home ownership for low income households, eviction prevention, employment development and capacity building for SOMA residents, job growth and job placement, small business assistance, leadership development, community cohesion, civic participation, cultural preservation, and community based programs and economic development. Monies in the Community Facilities District Account may be used for the purposes specified in this subsection (b) that are authorized uses of Community Facilities District revenues under the proceedings for the Community Facilities District and that are described in the Central SoMa Implementation Program Document.
(2) Monies from the Fund may be appropriated by the Mayor’s Office of Housing and Community Development (“MOHCD”) without additional approval by the Board of Supervisors to the Planning Commission or other City department or office to commission economic analyses for the purpose of revising the fee, to complete a nexus study to demonstrate the relationship between residential development and the need for stabilization assistance if this is deemed necessary, provided these expenses do not exceed a total of $100,000. The receipts in the Fund may be used to pay the expenses of MOHCD in connection with administering the Fund and monitoring the use of the Funds. Before expending funds on administration, MOHCD must obtain the approval of the Board of Supervisors by Resolution. Monies in the Community Facilities District Account may not be used for the purposes described in this subsection (b)(2).
(c) Reporting. The Controller’s Office shall file a report with the Board of Supervisors in even-numbered years, which report shall set forth the amount of money collected in the Fund. The Fund shall be administered and expended by MOHCD, but all expenditures shall first be approved by the Board of Supervisors through the legislative process. In approving expenditures from the Fund, MOHCD and the Board of Supervisors shall consider any comments from the SOMA Community Stabilization Fund Community Advisory Committee in Article XXVII of Chapter 5 of the Administrative Code, the public, and any relevant City departments or offices. With respect to the Community Facilities District Account, the Controller’s Office also shall comply with the reporting requirements set forth in the Special Tax Financing Law and Government Code Section 50075 et seq.