Part 46

CITY OF SAN JOSÉ HOUSING TRUST FUND

Sections:

• 4.80.3010 Deposit of monies.

• 4.80.3015 Use and disbursement of monies in the fund.

• 4.80.3020 Administration.

• A. It is the intent of the council of the City of San José to create a housing trust fund as a permanent and annually renewable source of revenue to meet, in part, the housing needs of extremely low-, very low-, low- and moderateincome persons and households, as defined below, and to assist agencies that serve the housing needs of these groups. The community to benefit from the housing trust fund

includes all these income groups, adjusted for family size; and groups who also possess one or more of the following characteristics:

1. They are burdened by paying more than thirty percent of their gross income for housing costs;

2. They live in overcrowded conditions;

3. They live in substandard housing units;

4. They are homeless individuals or families;

5. They consist of individuals and families with special housing needs, such as the elderly, the developmentally disabled, the mentally ill, the physically disabled, singleparent households and large families.

• B. The housing trust fund will serve as a vehicle for addressing extremely low-, very low-, low-, and moderate-income housing needs through a combination of funds as provided in this part.

• C. It is the intent of the city council to foster a mix of family incomes in projects assisted by the fund and to disperse affordable housing projects throughout the city, in accordance with the city's dispersion policy.

• D. It is the purpose and intent of this part to preserve and maintain rental and ownership housing units, located within the city, that are affordable to extremely low-, very low-, lowand moderate-income persons and households, including federally-assisted units and units located in mobilehome parks.

• E. It is further the intent of the city council to address the city's current and projected affordable housing needs by aggressively leveraging monies in the housing trust fund.

• (Ord. 26920.)

The definitions set forth in this section shall govern the application and interpretation of this part.

• A. "Affordable housing" means housing affordable to extremely low-, very low-, lowand moderate-income persons and households.

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§ 4.80.3015

• B. "Committee" means a board that will provide oversight to the housing trust, as may be more specifically set forth in a resolution adopted by the city council.

• C. "Consolidated Plan" means the federallyrequired document pertaining to the community development block grant and housing programs and activities that the city must submit annually to the United States Department of Housing and Urban Development.

• D. "Dispersion Policy" means the city's dispersion policy adopted in August, 1997, and on file in the office of the city clerk.

• E. "Extremely Low-income" means the same as the definition set forth in Section 6932 of Title 25 of the California Code of Regulations, as may be amended from time to time.

• F. "Five-Year Homeless Strategy" means a policy document outlining city counciladopted housing policies regarding homeless issues, and on file in the office of the city clerk.

• G. "Five-Year Housing Investment Plan" means the plan adopted by the city council on October 15, 2002, that outlines the city's housing policies and sets goals for affordable housing production for the fiscal years 2002-03 to 2006-07, and is on file in the office of the city clerk.

• H. "Fund" means the City of San José housing trust fund, as set forth in this part, and which replaces the housing and homeless fund.

• I. "Housing Element" means the housing element of the city's general plan, as required pursuant to subdivision (c) of Section 65302 of the California Government Code, and as the city may amend from time to time.

• J. "Investment Policy" means the city's investment policy adopted by the city council on June 4, 2002, as Resolution No. 71005, as may be amended from time to time.

  • K. "Lower-income" means the same as the definition set forth in Section 6932 of Title 25 of the California Code of Regulations, as may be amended from time to time.

  • L. "Moderate-income" means the same as the definition set forth in Section 6932 of Title 25 of the California Code of Regulations, as may be amended from time to time.

  • M. "RRP" means the rental rehabilitation program as set forth in Section 511 of Title 24 of the Code of Federal Regulations.

  • N. "Very Low-income" means the same as the definition set forth in Section 6932 of Title 25 of the California Code of Regulations, as may be amended from time to time.

• (Ord. 26920.)

There shall be deposited into the fund:

• A. All monies received from the sale of mortgages made in connection with the redemption and/or defeasance of city singlefamily mortgage revenue bond issues.

• B. All monies received as administrative fees from city multi-family housing bond issues.

• C. Tax credit application review fees.

• D. Repayments of non-tax increment-funded loans, including but not limited to RRPfunded loans.

• E. All funds currently in the housing and homeless fund.

• F. Such other money as the city council may deposit or transfer from other funds or sources.

• (Ord. 26920.)

Monies in the fund shall be used in accordance with the housing element, the consolidated plan,

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the five-year homeless strategy, the five-year housing investment plan, or subsequent plans that the city council may adopt from time to time, to construct, rehabilitate, subsidize, or assist other governmental entities, private organizations or individuals in providing, enabling and constructing affordable housing in the City of San José and in providing services to San José residents. Monies in the fund may be disbursed, hypothecated, collateralized, or otherwise employed for these purposes from time to time as the committee may recommend to the director of housing, as it deems appropriate to accomplish the purposes of the fund. These uses include, but are not limited to, assistance to housing development or service agencies, equity participation loans, grants, home ownership assistance, predevelopment loans or grants, participation leases, rental assistance, any other housing-related expenses including administrative expenditures for personal services and nonpersonal expenses, or other public/private partnership arrangements. Monies in the fund may be expended for the benefit of either rental or owner occupied housing. Any investing of monies from the fund shall be consistent with the city's investment policy. (Ords. 26920, 28878.)

The fund shall be administered by the director of housing, or the director's designee, with the assistance of the committee. (Ord. 26920.)

All interest payments and all other returns on investment of monies in the fund shall be deposited in and credited to the fund. (Ord. 26920.)

At the end of each fiscal year, the director of housing, or the director's designee, shall file with the city council an annual report that lists all actions and transactions that have occurred with regard to the fund. (Ord. 26920.)