§ 2-1693. Housing trust fund.

The intents and purposes of HTE housing trust fund are:

(1)

To promote, preserve, and create long-term affordable housing for very low, low, and moderate income households;

(2)

To abate large scale displacement of low-and moderate-income persons caused by gentrification, historical trends, or other development;

(3)

To provide opportunities for tenants and/or public entities to purchase rental housing in order to maintain perpetual affordability of that housing;

(4)

To provide broad opportunities for persons to transition from rental to ownership of housing;

(5)

To promote the rehabilitation and avoid, where possible, demolition of housing for low-and moderate-income persons;

(6)

To distribute grants or loans to organizations that promote, retain, or create long-term affordable housing;

(7)

To distribute "capacity grants" to community development corporations (CDC) and other nonprofit entities exempt from federal income tax obligations under 501(c)(3) of the Title 26 of the United States for the purpose of creating or preserving housing for very low, low, and moderate income households;

(8)

To distribute grants or loans to nonprofit organizations that provide representation in court to the public in housing-related issues, including but not limited to matters involving evictions and the Abandoned Housing Act;

(9)

To promote the general welfare by providing a direct and immediate benefit to the public through aiding low- and moderate-income persons by offering methods to acquire safe and healthy affordable housing benefits as the need is ever present and the federal funding source on which the city has relied for several decades is depleting;

(10)

To promote the general welfare by removing, where possible, blighted, dilapidated and substandard properties from the city's inventory and offering rehabilitation opportunities, thus reducing the city's ongoing maintenance costs and adding additional tax revenue for the city;

(11)

To promote the general welfare by stabilizing and improving property values in those areas where property rehabilitation and occupancy of vacant housing occurs and through the creation of jobs through housing rehabilitation and expanding opportunities to leverage additional public and private investments; and

(12)

To aid in blight remediation through the rehabilitation and construction of safe and viable housing for low- and moderate-income persons and to reduce the number of dilapidated and substandard housing.

(Ord. No. 180719 , § 1, 12-20-18)