ORDINANCE NO. 260052
title
Sponsor: Director of Housing and Community Development Department
Amending Chapter 2, Code of Ordinances, by repealing Sections 2-1693, Housing Trust Fund, and reenacting a new Section 2-1693 of like title and subject matter, for the purpose of reducing the affordability period for Minor Home Repair projects from thirty years to three years based upon revisions recommended by the Housing Trust Fund Board.
body
WHEREAS, on November 4, 2021, by Committee Substitute for Ordinance No. 210873, As Amended, the City Council amended Section 2-1693, "Housing Trust Fund" and replaced it with a new Section 2-1693 for the purpose of establishing the Housing Trust Fund Board to review Housing Trust Fund applications, with reporting requirements, funding allocation direction and prioritization of fund use; and
WHEREAS, Section 2-1693 (a) outlines the creation and purpose of the Housing Trust Fund and includes purposes designed to:
* promote, preserve, and create long-term affordable housing for very low, low, and moderate-income households;
* promote the rehabilitation and avoid, where possible, demolition of housing for low-and moderate-income persons; and
* 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; and
WHEREAS, the Housing Trust Fund Board sought to accomplish the above purposes by awarding funds for Minor Home Repair programs; and
WHEREAS, Section 2-1693(c)(5) requires that all units using HTF funds to support, preserve, or create such units shall be kept affordable for at least 30 years; and
WHEREAS, the Housing Trust Fund Board recognized that the 30-year affordability period was cost prohibitive for many low-income homeowners seeking low-cost Minor Home Repair services through the Housing Trust Fund and a 30-year affordab...
Click here for full text