San Jose Municipal Code Part 38 Low and Moderate Income Housing Fund

There is hereby created and established a separate fund entitled the "low and moderate income housing fund."

(Ords. 21750, 22659.)

There shall be deposited in the low and moderate income housing fund:

A. Those tax increment moneys received from the San José redevelopment agency for the purposes of increasing and improving the supply of low- and moderate-income housing in the City of San José as provided in Health and Safety Code Section 33334.2.

B. Any moneys which constitute repayments of loans, made pursuant to Section 4.80.2220.

C. Interest accrued on loans made pursuant to Section 4.80.2220.

D. Any other interest earned on moneys in said fund.

(Ords. 21750, 22659.)

Moneys in the low and moderate income housing fund shall be expended only for the purposes of increasing and improving the supply of low- and moderate-income housing available in the City of San José at affordable housing cost, as defined in California Health and Safety Code Section 50052.5, to persons and families of low or moderate income, as defined in Health and Safety Code Section 50093, and very low income households, as defined in Health and Safety Code Section 50105. Such expenditures may include:

A. Loans to qualified residents of the City of San José for the purpose of rehabilitation or replacement of said residents' existing residences.

B. The activities set forth in Health and Safety Code Section 33334.2.

C. Expenses for the administration of those programs described in Subsections A and B of this section, including but not limited to:

1. Purchase of supplies and materials necessary to conduct said programs;

2. Auditing and actuarial services;

3. Contractual services necessary to accomplish administration of such programs;

4. Other expenses of administration of such programs.

(Ords. 21750, 22659.)

The city council may at any time transfer moneys from the low and moderate income housing fund to any other appropriate fund for use in increasing or improving the supply of low- and moderate-income housing in the City of San José.

(Ords. 21750, 22659.)

Wherever reference is made in this Part 38 to provisions of the Health and Safety Code, such reference shall include such amendments to such provisions as may be enacted from time to time.

(Ord. 22659.)