(a) 
The City shall create within the Housing Trust Fund a new Homelessness Prevention and Affordable Housing Fund.
(b) 
The City shall also create a new School Fund.
(c) 
On an annual basis, the City shall deposit into the Homelessness Prevention and Affordable Housing Fund and the School Fund all funds collected pursuant to the Third Tier Tax Rate imposed by Section 6.96.020(c) that are in excess of six dollars for each one thousand dollars of consideration or property value, or fractional part thereof as follows:
(1) 
The first ten million dollars of funds to the School Fund;
(2) 
The next forty million dollars of funds to the Homelessness Prevention and Affordable Housing Fund; and
(3) 
Any funds above fifty million dollars shall be deposited twenty percent to the School Fund and eighty percent to the Homelessness Prevention and Affordable Housing Fund.
(Added by Measure GS, 11/8/22)
(a) 
The City shall provide annually to the Santa Monica Malibu Unified School District (SMMUSD) the funds in the School Fund. The City is authorized to establish an agreement with SMMUSD to provide for this contribution for use for school purposes by the SMMUSD.
(b) 
In the event of a unification of Malibu schools, the school district that serves residents of the City of Santa Monica shall receive all of the funds referenced in subsection (a) of this Section. In the event of a unification of Malibu schools, any school district that is located outside of Santa Monica is not entitled to any portion of these funds, regardless whether that district offers enrollment to any students that reside in Santa Monica. The City is authorized to modify any agreement(s) regarding the distribution of the funds under subsection (a) of this Section to direct the funds to the appropriate Santa Monica school district.
(c) 
In enacting this Initiative, it is the intent of the voters that any funds allocated to the SMMUSD or any future school district pursuant to this Section should be additional to, and not a replacement of, any funds the City otherwise provides to the school district, including any funds provided according to existing agreements or in accordance with prior advisory measures regarding City funding for public education.
(Added by Measure GS, 11/8/22)
(a) 
No more than six percent of the funds deposited into the Homelessness Prevention and Affordable Housing Fund annually may be used for compliance, implementation, and administration, including, but not limited to, enforcement of the City's local system of priorities among potentially eligible recipients and support for the Resident Oversight Committee.
(b) 
No less than thirty percent, and no more than fifty percent, of all funds deposited into the Homelessness Prevention and Affordable Housing Fund annually that are not used pursuant to subsection (a) of this Section, shall be used to provide ongoing or emergency income assistance to Santa Monica households that are both rent burdened and either extremely low income households, very low income households or low income households. Households with seniors, minor children or persons facing physical or mental challenges shall have priority in programs funded pursuant to the subsection.
(c) 
No less than fifty percent of all funds deposited into the Homelessness Prevention and Affordable Housing Fund annually that are not used pursuant to subsection (a), shall be used to acquire and rehabilitate existing rental properties as deed-restricted affordable housing or to create new deed-restricted affordable housing for extremely low income households, very low income households, low income households or moderate income households. In addition, to the extent that funds allocated to ongoing or emergency income assistance pursuant to subsection (b) for a particular fiscal year are not spent during that fiscal year due to undersubscription in the programs funded under that subsection, those one-time unexpended funds shall be used in the next fiscal year for programs funded pursuant to this subsection (c).
(d) 
To the extent funds are deposited into the Homelessness Prevention and Affordable Housing Fund annually that are not used pursuant to subsections (a) through (c) above, they may be used to fund: (1) programs and services designed to preserve the tenancies of or units serving extremely low income households, very low income households, low income households or moderate income households, including, but not limited to, code compliance enforcement, legal services or loans or grants for landlord earthquake retrofit or other unit improvements; or (2) a reserve fund for future funding of programs serving the purposes set forth in subsections (b) through (d).
(e) 
In enacting this Initiative, it is the intent of the voters that any funds allocated to the Homelessness Prevention and Affordable Housing Fund should be additional to, and not a replacement of, any funds the City otherwise provides for the purposes described above, including any funds provided in accordance with prior advisory measures regarding City funding for affordable housing.
(Added by Measure GS, 11/8/22)
(a) 
The City Council shall appoint a Resident Oversight Committee to make recommendations to the City Council for: (1) guidelines to govern the Homelessness Prevention and Affordable Housing Fund, including, but not limited to, guidelines regarding eligible expenditures, local priorities and preferences, funding award procedures, budgeting procedures, program evaluation procedures, and public reporting procedures; and (2) the allocation of annual funding among programs, consistent with Section 4.90.030. In making its recommendations, the Resident Oversight Committee shall consider, among other factors, the cost-effectiveness of programs.
(b) 
The Resident Oversight Committee shall consist of eleven members as follows:
(1) 
Four members shall be members of lower income households in Santa Monica, at least one of whom is a participant in a locally funded rent subsidy program (such as the Preserve Our Diversity programs), at least one of whom is a senior, at least one of whom has minor children, at least one of whom faces mental or physical challenges, and at least one of whom is formerly homeless. At least two of these individuals must live in units that are not deed-restricted and at least one must live in a unit that is deed restricted.
(2) 
Seven members of any income level, including at least one member with expertise in affordable housing financing, at least one member with expertise in affordable housing development, at least one member with expertise in the legal field, at least one member with accounting expertise, and at least one member with expertise in homelessness prevention. If, after the City Council undertakes its best efforts, there is no candidate with expertise in one of the required fields, the Council may, at its discretion, appoint a resident with a different expertise.
(3) 
All members of the Resident Oversight Committee, regardless of income level or category above, shall be residents of Santa Monica. Registered lobbyists, and persons working for organizations seeking funding from the Homelessness Prevention and Affordable Housing Fund, are ineligible to serve on the Resident Oversight Committee.
(4) 
Two of the lower income household members and three of the other members shall be appointed to an initial two-year term upon formation of the Resident Oversight Committee. All other members shall be appointed to an initial four-year term upon formation of the Resident Oversight Committee. Appointments and re-appointments after these initial terms expire shall be for four-year terms.
(c) 
The Resident Oversight Committee shall meet no less than six times annually.
(Added by Measure GS, 11/8/22)
The City of Santa Monica's auditors shall audit the Homelessness Prevention and Affordable Housing Fund on an annual basis, and publicly provide the results of that audit to both the Audit Subcommittee of the City Council and to the Resident Oversight Committee.
(Added by Measure GS, 11/8/22)
The provisions of this Chapter 4.90 may not be amended absent a vote of the people of the City of Santa Monica.
(Added by Measure GS, 11/8/22)
To the extent the expenditure of any monies from the Homelessness Prevention and Affordable Housing Fund results in, or contributes to, the development, construction, or acquisition of low rent housing projects in the City of Santa Monica by public agencies, that development, construction, or acquisition is hereby deemed authorized by the People of Santa Monica, having been duly approved by a majority of qualified electors of the City of Santa Monica, and with such authorization constituting the approval required by Article XXXIV of the California Constitution. The development, construction, and/or acquisition of low rent housing units authorized by this Section shall be in addition to any other authorization of the development, construction, and/or acquisition of such housing by the voters of the City of Santa Monica before or after adoption of this Section. This Section in no way restricts or limits the City's authority to develop or assist in the development of housing that is not subject to Article XXXIV. This Section 4.90.070 shall be interpreted to maximize affordable housing production and acquisition. As used in this Section 4.90.070, the terms "public entity," "develop," "construct," "acquire," and "low rent housing projects" shall be interpreted in accordance with Article XXXIV of the California Constitution, California Health and Safety Code Section 37000 et seq., and any successor legislation thereto.
(Added by Measure GS, 11/8/22)
"Extremely low income households"
shall have the same meaning as in Section 50106 of the California Health and Safety Code.
"Very low income households"
shall have the same meaning as in Section 50105 of the California Health and Safety Code.
"Low income households"
shall mean lower income households whose gross incomes exceed the maximum for very low income households.
"Lower income households"
shall have the same meaning as in Section 50079.5 of the California Health and Safety Code.
"Moderate income households"
shall have the same meaning as the term "persons and families of moderate income" as defined in Section 50093(b) of the California Health and Safety Code.
(Added by Measure GS, 11/8/22)
If any Section, subsection, subdivision, paragraph, sentence, clause or phrase of this Chapter or any part thereof is for any reason held to be invalid, unlawful or unconstitutional, such decision shall not affect the validity of the remaining portions of this Chapter or any part thereof. The voters of the City of Santa Monica hereby declare that they would have passed each Section, subsection, subdivision, paragraph, sentence, clause or phrase thereof, irrespective of the fact that any one or more sections, subsections, subdivisions, paragraphs, sentences, clauses or phrases be declared unconstitutional.
(Added by Measure GS, 11/8/22)