AGENDA PACKET_2021-09-07 - Laserfiche WebLink

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other sources may be deposited in the inclusionary housing fund. The monies deposited in the inclusionary housing fund shall be subject to the following conditions: (1) Monies deposited into the inclusionary housing fund must be used to increase and improve the supply of housing affordable to moderate, low, very low, and extremely low income households in the city as specified in the city's affordable housing funds policies and procedures. A priority will be on the creation of new affordable housing opportunities for large families currently living in the City. Other eligible uses of the inclusionary housing fund include but are not limited to: (i) Creating affordable units from the existing market rate housing stock including but not limited to, the purchase and rehabilitation of units. (ii) Funding one-time programs for code enforcement, quality of life, and general health and safety activities. (iii) Implementing and promoting programs addressing housing security, eviction prevention, and housing legal assistance for city residents. (iv) Funding reasonable administrative or related expenses associated with the administration of this article. (2) The fund shall be administered by the executive director, or his or her designee, who may develop procedures in the city's affordable housing funds policies and procedures to implement the purposes of the inclusionary housing 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 receiving funding from the inclusionary housing fund shall provide a negotiated enforceable commitment that the developer will use a "Skilled and Trained Workforce" as defined in Public Contract Code section 2601 to complete Ordinance No. NS-XXX Page 12 of 14 City Council 35 — 26 9/7/2021