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 San Luis Obispo County
 County Code
 Title 29. AFFORDABLE HOUSING FUND (With In-Lieu Fee and Housing Impact Fee)
 Chapter 29.02. ESTABLISHMENT OF FEES AND FUND

  § 29.02.020. Establishment of the affordable housing fund and housing impact fee account.  

Latest version.

  • (a)

    There is hereby established by the county auditor-controller in the county treasury an interest-bearing fund entitled the San Luis Obispo County affordable housing fund. The said fund shall receive all fees collected pursuant to Title 22 Section 22.12.080.D.2 — In-lieu fee, Title 23 Section 23.04.096.d(2) — In-lieu fee, any other appropriations as determined from time to time by the County, and all other moneys received by the affordable housing fund either from special funds or general fund appropriations, or from other sources. Separate accounts within the affordable housing fund may be created from time to time to avoid commingling if required by law or as deemed appropriate to further the purposes of the fund.

    (b)

    There is also hereby established within the affordable housing fund, a housing impact fee account. The said account shall receive all fees collected from commercial and industrial development pursuant to Title 22 Section 22.12.080.E.2 — Payment of housing impact fee, and Title 23 Section 23.04.096.e(2) — Payment of housing impact fee. All funds in this account shall be used solely to pay for construction of affordable housing units within the projects identified in the affordable housing fund annual action plan.

    (c)

    Principal and interest from loan repayments, proceeds from grant repayments, forfeitures, reimbursements, and all other income from affordable housing fund activities, plus all income from the activities of the fund's separate accounts, shall be deposited into the affordable housing fund. All funds in the account shall earn interest at least at the same rate as pooled investments managed by the treasurer. All interest earnings from the account shall be reinvested and dedicated to the account. Transfer of interest earnings shall be made quarterly or upon direction of the county administrator. Transferred funds shall accrue interest from the time of transfer.

(Ord. No. 3171, § 1, 12-9-08; Ord. No. 3384, § 1, 3-12-19)