Part 79 — AFFORDABLE HOUSING IMPACT FEE FUND

There is hereby created and established the "American Rescue Plan Fund." (Ord. 30615.)

The source of monies budgeted and accounted for in the American Rescue Plan Fund shall be monies received pursuant to Title VI of the Social

There is hereby created and established the "Affordable Housing Impact Fee Fund." (Ord. 30615.)

On November 18, 2014, the San José City Council approved the adoption of Resolution No. 77218 establishing the Housing Impact Fee now referred to as the Affordable Housing Impact Fee ("AHIF") to help address the need for affordable housing connected with the development of new market rate residential rental units. The AHIF requires market rate residential projects to pay an

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REVENUE, FINANCE AND BUSINESS TAXES

§ 4.80.4780

impact fee per square foot. The AHIF increases by 2.4% annually. The source of monies budgeted and accounted for in the Affordable Housing Impact Fee Fund shall be monies received pursuant to Resolution No. 77218 and as subsequently amended. (Ord. 30615.)

from the State of California pursuant to AB 101 (Committee on Budget, Chapter 159, Statutes of 2019) and AB 83 (Committee on Budget, Chapter 15, Statutes of 2020).

(Ord. 30615.)

Monies in the Affordable Housing Impact Fee Fund, including repayments of loans made, shall be expended as authorized by the City Council for use in accordance with Resolution No. 77218 and as subsequently amended.

(Ord. 30615.)

Interest which accrues from monies in the Affordable Housing Impact Fee Fund shall be credited to this Fund. (Ord. 30615.)