Article 2 — Affordable Housing Trust Fund

There is hereby created and established within the Treasury of the City of Thousand Oaks a fund to be known as the “Affordable Housing Trust Fund” (Fund) for the purposes of receiving and disbursing monies to address the housing needs of very low, lower, and moderate income households within the City of Thousand Oaks. This Special Revenue Fund shall be separate from all other monies held by the City.

(§ 1, Ord. 1506-NS, eff. October 9, 2008)

Revenues intended for deposit in the Fund may come from the following sources:

• (a) Monies that the City receives pursuant to any program identified in this chapter, including the repayment of loans from the Fund and interest thereon.

(b) Monies that the City receives by gift, grant or other award which are designated for affordable housing purposes.

(c) Any monies received by the City from any other sources for the purpose of providing affordable housing, excluding Redevelopment Agency affordable housing set-aside funding, that the City Council elects to deposit in the Fund.

(d) Any monies that the City has received, prior to the effective date of the ordinance adopting this chapter, from any source for the purpose of providing affordable housing the City Council elects to deposit in the Fund.

(e) From time to time, at its discretion and subject to, limitations of law, the City Council may designate additional revenue and appropriate monies from any source for deposit in the Fund.

(§ 1, Ord. 1506-NS, eff. October 9, 2008)

(a) Money in this fund shall be expended exclusively on activities related to the prioritization for the construction of affordable housing in the City of Thousand Oaks, for the benefit of extremely-low, very-low, lower and moderateincome households. Preservation, or rehabilitation of affordable housing shall be used in the event there is limited opportunity for the creation of new affordable housing using this fund. The City may enact Guidelines, consistent with this article, to more specifically implement the purposes of the Fund, which shall be adopted by City Council Resolution.

(b) Money disbursed from the Fund shall only be expended within the boundaries of the City of Thousand Oaks.

(c) Monies collected through the Nonresidential Linkage Fee program shall be deposited in a separate subaccount in the Fund.

(d) No expenditure may be made from the Fund without the prior approval of the City Council.

(§ 1, Ord. 1506-NS, eff. October 9, 2008, as amended by § 2, Ord. 1543-NS, eff. October 8, 2010, and § 2, Ord. 1719NS, eff. November 24, 2023)

(a) Any gifts, contributions or other money received for the stated purposes of the Fund shall be placed in the Fund. The Fund shall accrue interest at the same rate as the City's Investment Rate. All interest earnings accruing on money in the Fund shall become part of the Fund.

(b) Money in the Fund shall not revert to the General Fund of the City, nor shall it be transferred to any other Fund by means of loan or other mechanism except upon repeal of this article.

(c) Monies disbursed from the Fund which are required to be repaid to the Fund shall be placed in the Fund upon repayment, as shall any interest that accrues.

(d) All funds received pursuant to this article shall immediately be deposited into the Fund.

(e) Any units developed with monies from the Fund will be subject to an Affordable Housing Agreement pursuant to Article 6.

(§ 1, Ord. 1506-NS, eff. October 9, 2008)