§ 27-1.8. Limited Use of Fees.

a.

Use and Disbursement of Monies in the Fund: Monies in the affordable housing unit/fee fund shall be used in accordance with and in support of activities to implement the City's adopted Housing Element, Housing Assistance Plan and Statement of Community Development Objectives. Activities shall be limited to direct expenditure for capital projects or incidental non-capital expenditures related to capital projects, including but not limited to land acquisition, construction, rehabilitation, subsidization, counseling or assistance to other governmental entities, private organizations or individuals to expand affordable housing opportunities to low- and moderate-income households. Monies in the affordable housing unit/fee fund may be disbursed, hypothecated, collateralized, or otherwise employed for these purposes from time to time as the Director of Development Services so determines is appropriate to accomplish the purposes of the affordable housing fund. These uses include, but are not limited to, assistance to housing development corporations, equity participation loans, grants, predevelopment loan funds, participation leases, loans to develop affordable housing or other public/private partnership arrangements. The affordable housing funds may be expended for the benefit of both rental or owner-occupied housing. Affordable housing in lieu fees may not be used to support operations, or on-going housing services not directly related to the construction, acquisition, rehabilitation or preservation of affordable housing units.

b.

Accounting of Fees . All affordable housing unit in lieu fees shall be deposited into a segregated account and all expenditures of funds from the same shall be documented and included in an annual report which shall be available for public inspection.

(Ord. No. 2859 N.S.)