11B - 2ND READ ORD - HOUSING OPPORTUNITY ORD - HOO

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LS 8.25.15 (d) Recovery of costs. In any action to enforce this Article, or an Inclusionary Housing Agreement recorded hereunder, the City shall be entitled to recover its reasonable attorney's fees and costs. Sec. 41 -1909. Inclusionary Housing Fund (a) Inclusionary Housing Fund. There is hereby established a separate fund of the City, to be known as the Inclusionary Housing Fund. All monies collected pursuant to this Article shall be deposited in the Inclusionary Housing Fund. Additional monies from 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, and Very Low, and Extremely Low Income Households in the City. Monies may also be used to cover 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 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 City's Housing Element, Consolidated Plan, or subsequent plan adopted by the City Council to construct, rehabilitate, or subsidize affordable housing or 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. 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. 13 11B -15