Not more than 15 percent of expended City affordable housing bond funds may be used
for housing affordable to persons and families of moderate income as defined in California
Health and Safety Code Section 50093(b).
In allocating affordable housing bond funds to projects, the City shall give preference
to housing affordable to extremely low income households. The City shall spend a minimum
of 20 percent of affordable housing bond funds for housing for extremely low income
households. This requirement must be satisfied for and will be applied against the
entire authorized affordable housing bond amount, but, in order to allow the expeditious
awarding of funds, does not necessarily have to be achieved for any single project
or program. This 20 percent requirement may be waived by the City Administrator by
returning to Council if, after five years from the issuance of the first bond, the
City Administrator determines that there is a reasonable chance that the 20 percent
set aside for extremely low income housing may not be spent. The City Administrator
shall report annually to the City Council on progress in meeting this requirement.
(Ord. No. 13403, § 2, 11-29-2016)
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