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<br />Ordinance No. NS-XXX <br />Page 15 of 18 <br />funds policies and procedures. A priority will be on the creation of affordable housing <br />opportunities or units from the existing market rate housing stock rather than construction <br />of new affordable housing units. This includes, but is not limited to, the purchase and <br />rehabilitation of units for sale. Monies may also be used to pay for one-time programs for <br />code enforcement, quality of life and general health and safety activities. Monies may <br />also be used to cover reasonable administrative or related expenses associated with the <br />administration of this article. new affordable housing opportunities for large families <br />currently living in the City. Other eligible uses of the inclusionary housing fund include but <br />are not limited to: <br /> <br />(i) Creating affordable units from the existing market rate housing stock <br />including but not limited to, the purchase and rehabilitation of units. <br /> <br />(ii) Funding one-time programs for code enforcement, quality of life, and <br />general health and safety activities. <br /> <br />(iii) Implementing and promoting programs addressing housing security, <br />eviction prevention, and housing legal assistance for city residents. <br /> <br />(iv) Funding reasonable administrative or related expenses associated <br />with the administration of this article. <br /> <br />(2) The fund shall be administered by the executive director, or his or her <br />designee, who may develop procedures in the city's affordable housing funds policies and <br />procedures to implement the purposes of the inclusionary housing fund consistent with <br />the requirements of this article and any adopted budget of the city. <br /> <br />(3) Monies deposited in accordance with this section shall be used in <br />accordance with the affordable housing funds policies and procedures, housing element, <br />consolidated plan, or subsequent plan adopted by the city council to construct, <br />rehabilitate, or subsidize affordable housing or to recapture affordable housing at risk of <br />market conversion, or to assist other government entities, private organizations, or <br />individuals to do so. Permissible uses include, but are not limited to, assistance to housing <br />development corporations, equity participation loans, grants, pre-home ownership co- <br />investment, pre-development loan funds, participation leases, or other public-private <br />partnership arrangements. The inclusionary housing fund may be used for the benefit of <br />both rental and owner-occupied housing. <br /> <br />(4) A developer receiving funding from the inclusionary housing fund shall <br />implement a local preference in their resident selection criteria and marketing policies <br />meeting guidelines established by the executive director. <br /> <br />(5) A developer opting for the in lieu payment option or receiving funding from <br />the inclusionary housing fund, as well as its contractors and subcontractors at every tier <br />performing work for the new housing units is encouraged and should negotiate in good <br />faith to provide the City with an enforceable commitment that a skilled and trained