San Luis Obispo County Municipal Code Ch. 29.03 Use of Moneys

Moneys deposited in the affordable housing fund along with any interest earnings on such moneys shall be used to increase and improve the supply of housing affordable to workforce, moderate, low and very low income households. Moneys may also be used to cover reasonable administrative expenses not reimbursed through processing or other fees, including: i) reasonable consultant and legal expenses related to the establishment and/or administration of the affordable housing fund; ii) reasonable expenses for administering the process of calculating, collecting, and accounting for in-lieu and housing impact fees, and iii) county administrative costs for the development, permitting, and the ongoing monitoring of affordable housing projects constructed with affordable housing fund moneys. No portion of the affordable housing fund may be diverted to other purposes by way of loan or otherwise.

(Ord. No. 3171, § 1, 12-9-08)

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.

(Ord. No. 3171, § 1, 12-9-08; Ord. No. 3384, § 1, 3-12-19)

Expenditures by the planning director from the affordable housing fund shall be controlled, authorized and paid in accordance with general county budgetary policies. Every recipient shall enter into a written agreement with the county which sets forth the terms and conditions of the grant or loan. At a minimum, the agreement shall describe the allowable uses of the grant or loan funds, the dollar amount and disbursement method, compliance with the applicable county standards and policies for affordable housing including, but not limited to, Title 22, Section 22.12.070 — Housing affordability standards and Title 23, Section 23.04.094 — Housing affordability standards, and periodic reporting to assist the county in the monitoring of compliance with the agreement.

(Ord. No. 3171, § 1, 12-9-08)