The purpose of the affordable housing fund is to hold fees received from developers under KMC § 18.77.045(D), outside grants, and other revenues. The City will use these funds to support its future affordable housing developments and may also make transfers out of it to other government and quasi-government agencies in order to support affordable housing efforts on a regional level. For purposes of this section “outside grants” or “other revenue” do not include American Rescue Plan Act funds as those funds will be expended and reported consistent with Ordinance 23-0601.
(Ord. 23-0572 § 1; Ord. 23-0601 § 2)
The city manager or such employee of the City designated by the city manager in writing shall be the custodian of the affordable housing fund. The custodian shall have full responsibility for the fund and its proper use. The custodian shall be covered by a surety bond in the full amount of the fund and any advances made to the fund at any time, and such bond shall be conditioned upon the proper accounting for and legal expenditure of all such funds, in addition to other conditions required by law.
(Ord. 23-0572 § 1)