The purpose of enacting this chapter is:
(a) To establish a City of Biddeford Housing Trust Fund for the promotion,
retention, and creation of an adequate supply of housing, particularly
affordable housing, for all economic groups and to limit the net loss
of housing units in the City.
(b) To serve as a vehicle for addressing very-low-, low-, and median-income
housing needs through a combination of funds as set out in this chapter.
The City Council shall establish a special revenue account under
the name "City of Biddeford Housing Trust Fund" (Housing Trust Fund).
Deposits into the fund shall include:
(b) Funds appropriated to be deposited into the fund by vote of the City
Council.
(c) Voluntary contributions of money or other liquid assets to the fund.
(d) Any federal, state, or private grant or loan funds provided to the
fund.
(e) Interest from fund deposits and investments.
(f) Repayments of loans made from the fund.
The City Manager, or his or her designee, shall serve as the
manager of the Housing Trust Fund. The responsibilities of the manager,
subject to the orders of the City Council, shall include:
(a) Maintaining the financial and other records of the Housing Trust
Fund.
(b) Disbursing and collecting Housing Trust Fund monies in accordance
with the Housing Trust Fund Annual Plan.
(c) Monitoring the use of monies distributed to successful applicants
for Housing Trust Fund support to assure ongoing compliance with the
purposes of the fund and the conditions under which these monies were
granted or loaned.
Each fiscal year, the City Council shall adopt a Housing Trust
Fund Annual Plan. The City Manager shall submit to the City Council
a recommended Housing Trust Fund Annual Plan, utilizing the revenues
of the Housing Trust Fund as well as any other funds the City Manager
may propose as appropriate.
The Housing Trust Fund Annual Plan shall include:
(a) A description of all programs to be funded in part or in full by
the Housing Trust Fund.
(b) A description of how funds from the Housing Trust Fund will be distributed
among very-low-income, low-income and moderate-income households.
(c) The amount of funds budgeted for programs funded in part or in full
from the Housing Trust Fund.
(d) Priority for the expenditure of funds collected pursuant to Subsection
6a shall be given to the creation of new housing stock, through
either new construction or conversion of nonresidential buildings
to residential use.