San Luis Obispo County Municipal Code Ch. 31.02 Establishment of Regional Housing Fund

There is hereby established by the county auditor-controller in the county treasury an interest-bearing fund entitled the "Regional Housing Fund".

The Regional Housing Fund shall receive all in-lieu fees collected pursuant to Title 22, Section 22.12.010 (Regional Housing Incentives). Additional sources of funding may include, but are not be limited to: county appropriations from the General Fund or special funds, grant funds, and contributions from private entities and other agencies and local governments.

(Ord. 3550, § 2, 10-21-25)

The Guaranteed Affordable Housing Account and the Public Transportation Support Account are hereby established within the Regional Housing Fund. Additional accounts may be created within the Regional Housing Fund to avoid co-mingling of fund purposes, if required by law or as deemed appropriate to further the purposes of the fund.

A. Guaranteed Affordable Housing Account. Seventy-five percent of the funds shall be allocated to this account. All funds in this account shall be used solely for the production of guaranteed affordable housing units, to be distributed through the Regional Housing Grant Program. This account shall be administered by the director of social services, who shall have the authority to govern the fund, consistent with this title, the appropriate ordinances, and applicable County policies.

B. Public Transportation Support Account. Twenty-five percent of the funds shall be allocated to this account. All funds in this account shall be used solely for improvements to regional public transportation service areas, access, infrastructure, and facilities within geographic areas of the unincorporated county that are most consistent with County Housing Element Policy HE 1.01. The County shall explore partnership with the San Luis Obispo Council of Governments (SLOCOG) to determine funding of improvements that best achieve the purpose of this account. Prioritization of improvements shall consider the following factors: projected public transportation needs, speed of improvement delivery, and long-term ridership.

(Ord. 3550, § 2, 10-21-25)

Principal and interest from loan repayments, proceeds from grant repayments, forfeitures, reimbursements, and all other income from Regional Housing Fund activities, plus all income from the activities of the fund's separate accounts, shall be deposited into the Regional Housing Fund. All funds in the accounts shall earn interest at least at the same rate as pooled investments managed by the treasurer. All interest earnings from the accounts shall be reinvested and dedicated to the same account. Transfer of interest earnings shall be made quarterly or upon direction of the county administrator. Transferred funds shall accrue interest from the time of transfer.

(Ord. 3550, § 2, 10-21-25)