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(a) Money in this fund shall be expended exclusively on activities related to the creation, preservation, or rehabilitation of affordable housing in the City of Thousand Oaks, for the benefit of extremely-low, very-low, lower and moderate-income households. The City may promulgate Guidelines, consistent with this article, to more specifically implement the purposes of the Fund, which shall be adopted by City Council Resolution.
(b) Money disbursed from the Fund shall only be expended within the boundaries of the City of Thousand Oaks.
(c) Monies collected through the Nonresidential Linkage Fee program shall be deposited in a separate subaccount in the Fund.
(d) No expenditure may be made from the Fund without the prior approval of the City Council.
(§ 1, Ord. 1506-NS, eff. October 9, 2008, as amended by § 2, Ord. 1543-NS, eff. October 8, 2010)