75B - PH AMEDNING CH 41 HOO - Laserfiche WebLink

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fund consistent with the requirements of this article and any adopted budget of the city. (3) Monies deposited in accordance with this section shall be used in accordance with the Affordable Housing Funds Policies and Procedures, housing element, consolidated plan, or subsequent plan adopted by the city council to construct, rehabilitate, or subsidize affordable housing or to recapture affordable housing at risk of market conversion, or to assist other government entities, private organizations, or individuals to do so. Permissible uses include, but are not limited to, assistance to housing development corporations, equity participation loans, grants, pre -home ownership co -investment, pre -development loan funds, participation leases, or other public -private partnership arrangements. The inclusionary housing fund may be used for the benefit of both rental and owner - occupied housing. (4) A developer receiving funding from the Inclusionary Housing Fund shall implement a local preference in their resident selection criteria and marketing policies meeting guidelines established by the executive director. (5) A developer opting for the in lieu payment option or receiving funding from the Inclusionary Housing Fund, as well as its contractors and subcontractors at every tier performing work for the new housing units is encouraged and should provide an enforceable commitment that a skilled and trained workforce will be used to complete a contract or project in accordance with Public Contract Code ✓z 2601-2602. Sec.41-1910. -Administrative. (a) In -lieu fee calculation. The amount per square foot of the inclusionary housing in - lieu fee shall be subject to city council review and consideration before the end of calendar year 2018, but after June 30, 2018. Between July 1, 2018 and December 31, 2018, staff shall report on the effectiveness of this ordinance and provide options for council consideration on the components of this ordinance, including, but not limited to, the monetary amount of inclusionary in -lieu fee per square foot. (b) P4p&Age Prior projects. The applicant(s) of any project for which a site plan review application was submitted and such application was deemed complete prior to August 4, 2015, may either construct the inclusionary units pursuant to the prior housing opportunity ordinance (Ordinance No. NS-2825) or pay an in lieu fee calculated by the formula under the prior housing opportunity ordinance (Ordinance No. NS-2825) or request to revise its inclusionary housing plan and/or inclusionary housing agreement and pay an in -lieu fee of nine dollars and thirty-five cents ($9.35) per square foot of habitable space for the entire project's inclusionary housing obligation. (c) Administration fees. The council may by resolution establish reasonable fees and deposits for the administration of this article including an annual monitoring fee and an inclusionary housing plan submittal fee. 75B-41