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<br />Ordinance No. NS-XXX <br />Page 12 of 14 <br /> <br /> <br /> <br />other sources may be deposited in the inclusionary housing fund. The monies deposited <br />in the inclusionary housing fund shall be subject to the following conditions: <br /> <br /> (1) Monies deposited into the inclusionary housing fund must be used to <br />increase and improve the supply of housing affordable to moderate, low, very low, and <br />extremely low income households in the city as specified in the city's affordable housing <br />funds policies and procedures. A priority will be on the creation of new affordable <br />housing opportunities for large families currently living in the City. Other eligible uses of <br />the inclusionary housing fund include but are not limited to: <br /> <br /> (i) Creating affordable units from the existing market rate <br />housing stock including but not limited to, the purchase and rehabilitation of units. <br /> <br /> (ii) Funding one-time programs for code enforcement, quality of <br />life, and general health and safety activities. <br /> <br /> (iii) Implementing and promoting programs addressing housing <br />security, eviction prevention, and housing legal assistance for city residents. <br /> <br /> (iv) Funding reasonable administrative or related expenses <br />associated with the administration of this article. <br /> <br /> (2) The fund shall be administered by the executive director, or his or <br />her designee, who may develop procedures in the city's affordable housing funds <br />policies and procedures to implement the purposes of the inclusionary housing fund <br />consistent with the requirements of this article and any adopted budget of the city. <br /> <br /> (3) Monies deposited in accordance with this section shall be used in <br />accordance with the affordable housing funds policies and procedures, housing <br />element, consolidated plan, or subsequent plan adopted by the city council to construct, <br />rehabilitate, or subsidize affordable housing or to recapture affordable housing at risk of <br />market conversion, or to assist other government entities, private organizations, or <br />individuals to do so. Permissible uses include, but are not limited to, assistance to <br />housing development corporations, equity participation loans, grants, pre-home <br />ownership co-investment, pre-development loan funds, participation leases, or other <br />public-private partnership arrangements. The inclusionary housing fund may be used for <br />the benefit of both rental and owner-occupied housing. <br /> <br /> (4) A developer receiving funding from the inclusionary housing fund <br />shall implement a local preference in their resident selection criteria and marketing <br />policies meeting guidelines established by the executive director. <br /> <br /> (5) A developer receiving funding from the inclusionary housing fund <br />shall provide a negotiated enforceable commitment that the developer will use a “Skilled <br />and Trained Workforce” as defined in Public Contract Code section 2601 to complete