Moneys in the affordable housing fund shall be used in accordance with the priorities
identified by the affordable housing fund annual action plan described in Section 29.05.020. The said moneys shall be used to construct, rehabilitate or subsidize very low,
low, moderate income and workforce housing and/or to assist other governmental entities,
private organizations or individuals in the construction, rehabilitation or subsidy
of very low, low, moderate income and workforce housing. Funds from in-lieu fees and
housing impact fees shall serve affordable housing projects that are located within
the planning or housing market area that generated the funds, particularly as needed
to support the geographic nexus for the collection of housing impact fees. Funds in
the housing impact fee account may be used only for the construction of affordable
housing units within projects identified in the affordable housing fund annual action
plan. Except for the moneys in the housing impact fee account, all other moneys in
the affordable housing fund may be disbursed, hypothecated, collateralized or otherwise
employed for these purposes from time to time as the planning director determines
is appropriate to accomplish the purposes of the housing fund. These 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 affordable housing fund
moneys may be extended for the benefit of rental or owner-occupied housing or housing
services.
