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LS 7.30.15 <br />monies from other sources may be deposited in the Inclusionary Housing Fund. <br />The monies deposited in the Inclusionary Housing Fund shall be subject to the <br />following conditions: <br />(1) Monies deposited into the Inclusionary Housing Fund must be used to <br />increase and improve the supply of housing affordable to Moderate, Lowy <br />and Very Low, and Extremely Low Income Households in the City. Monies <br />may also be used to cover reasonable administrative or related expenses <br />associated with the administration of this Article. <br />(2) The fund shall be administered by the Executive Director, or his or her <br />designee, who may develop procedures to implement the purposes of the <br />Inclusionary Housing Fund consistent with the requirements of this Article <br />and any adopted budget of the City. <br />(3) Monies deposited in accordance with this Section shall be used in <br />accordance with the City's Housing Element, Redevelopment Plan, <br />Consolidated Plan, or subsequent plan adopted by the City Council to <br />construct, rehabilitate, or subsidize affordable housing or assist other <br />government entities, private organizations, or individuals to do so. <br />Permissible uses include, but are not limited to, assistance to housing <br />development corporations, equity participation loans, grants, pre -home <br />ownership co- investment, pre - development loan funds, participation leases, <br />or other public-private partnership arrangements. The Inclusionary Housing <br />Fund may be used for the benefit of both rental and owner - occupied <br />housing. <br />Sec. 41 -1910. Administrative <br />a) In -Lieu Fee Calculation. The amount per square foot of the inclusionary housina in- <br />lieu fee shall be subject to City Council review and consideration before the end of <br />calendar year 2018, but after June 30, 2018. Between July 1 2018 and December <br />31, 2018, staff shall report on the effectiveness of this ordinance and provide <br />options for Council consideration on the components of this ordinance including, <br />but not limited to, the monetary amount of inclusionary in -lieu fee per square foot. <br />Inclusionary Housing Agreement or pay an in -lieu fee of $5.00 per square foot of <br />habitable space for the entire Project's inclusionary housinq obligation. <br />(a)(c) Administration Fees. The Council may by resolution establish reasonable fees and <br />deposits for the administration of this Article including an annual monitoring fee and <br />an Inclusionary Housing Plan Submittal fee. <br />15 <br />75B -25 <br />