Turlock Municipal Code Art. 6 Housing Trust Fund

The City Council of the City of Turlock hereby finds and declares that it is a City priority to assist new construction, rehabilitation, and financing of affordable housing for very-low and low income households by dedicating a revenue source and establishing the City of Turlock Housing Trust Fund.

(779-CS, Enacted, 06/25/1992)

For the purposes of this article, unless otherwise apparent from the context, the following words and phrases shall mean and include the following:

(a)

"Low income household"

shall mean and include a household income level that is eighty (80%) percent of the Median Local Area Income as established by the United States Department of Housing and Urban Development.

(b)

"Very-low income household"

shall mean and include a household income level that is fifty (50%) percent of the Median Local Area Income as established by the United States Department of Housing and Urban Development.

(779-CS, Enacted, 06/25/1992)

There is hereby established the City of Turlock Housing Trust Fund. All of the funds collected pursuant to this article shall be deposited in said fund and shall be solely used for the purposes specified herein and pursuant to the guidelines and procedures established and adopted from time to time by City Council Resolution.

(779-CS, Enacted, 06/25/1992)

This program shall be funded as established by resolution of the City Council which shall also prescribe the funding source.

(779-CS, Enacted, 06/25/1992)

(a) The City of Turlock Housing Trust Fund shall be administered by the City of Turlock Community Development Department in accordance with the City of Turlock Housing Trust Fund Guidelines and Procedures adopted herein after adopted by Resolution of the City Council of the City of Turlock or as amended from time to time by Resolution of the City Council of the City of Turlock.

(b) The City of Turlock Community Development Department shall annually report to the City Council regarding proposed implementation of the City of Turlock Housing Trust Fund.

(779-CS, Enacted, 06/25/1992)

(a) The Housing Trust Fund shall be segregated from all other City of Turlock fund accounts and shall not be commingled with any other City of Turlock funds.

(b) Expenditures from the Housing Trust Fund shall be made in accordance to the guidelines and procedures established pursuant to Turlock Municipal Code Section 3-9-605.

(c) An annual accounting of the use and expenditure of the Housing Trust Fund shall be presented to the City Council on or before the first of August of each year.

(779-CS, Enacted, 06/25/1992)