San Jose Municipal Code Part 82 Building Homes and Jobs Act Fund

There is hereby created and established the "Building Homes and Jobs Act Fund."

(Ord. 30676.)

The source of monies budgeted and accounted for in the Building Homes and Jobs Act Fund shall be those Permanent Local Housing Allocation ("PLHA") program funds received by the City of San José from the State of California pursuant to Senate Bill 2 (Committee on Budget, Chapter 364, Section 27388.1 of the Government Code, and Chapter 2.5, commencing with Section 50470, to Part 2 of Division 31 of the Health and Safety Code, Statutes of 2017) and as subsequently amended.

(Ord. 30676.)

The intent of the State law is to provide a permanent, on-going source of funding to local governments for housing-related projects and programs that assist in addressing the unmet housing needs of their local communities. Therefore, monies in the Building Homes and Jobs Act Fund shall be expended for the purposes of carrying out housing-related projects and programs that assist in addressing the unmet housing needs of San José's community. These include: 1) assisting persons experiencing or at risk of homelessness; 2) creating, acquiring, rehabilitating, and/or preserving housing for lower- to moderate-income households; and 3) other uses for housing production and preservation defined as eligible by the State law. Funds shall be expended according to the City Council-approved PLHA five-year application as approved by the State of California Department of Housing and Community Development ("HCD").

(Ord. 30676)

Interest which accrues from monies in Building Homes and Jobs Act Fund shall be credited to this Fund.

(Ord. 30676.)