Chapter 3.38
HOUSING TRUST FUND

Sections:

3.38.010    Established.

3.38.015    Subfund.

3.38.020    Accounting.

3.38.030    Definitions.

3.38.040    Functions and disbursements.

3.38.050    Advisory board.

3.38.060    Reporting.

3.38.010 Established.

There is established in the city treasury a fund designated as the “affordable housing fund” to support the development and preservation of affordable housing and to provide segregated accounting and control for expenditure of moneys. (Ord. 2010-43 § 1, 2010: Ord. 99-45 § 1, 1999)

3.38.015 Subfund.

A special revenue subfund is established under the affordable housing fund named the “city of Bainbridge Island housing trust fund”. The city of Bainbridge Island housing trust fund may receive and distribute private funds donated to assist households below middle income as defined in BIMC 18.36.030.16. Sources of funding for this subfund shall include donations from public and private sources, and any other revenues specifically dedicated to the city of Bainbridge Island housing trust fund, the city council, affordable housing loan repayments or other appropriate sources. (Ord. 99-45 § 1, 1999)

3.38.020 Accounting.

Accounting within the housing trust fund shall segregate revenues and expenditures so that support for persons with incomes higher than 80 percent of the median household income as defined in BIMC 18.36.030.16 shall be funded solely from private donations. (Ord. 99-45 § 1, 1999)

3.38.030 Definitions.

“Housing” means promotion, facilitation, preservation and development of decent and safe dwellings affordable to all economic segments of the community through loans, financial assistance, technical assistance and capacity building to public and private nonprofit agencies providing affordable housing services to the city. (Ord. 99-45 § 1, 1999)

3.38.040 Functions and disbursements.

A. The Bainbridge Island housing trust fund is intended to accept funds from sources that include, but are not limited to, private donations, public allocations and the proceeds from the sale of development rights.

B. The Bainbridge Island housing trust fund is intended to:

1. Support the repair and rehabilitation of housing serving senior and disabled residents;

2. Provide direct financial and technical assistance to qualified housing projects;

3. Provide financial assistance to public and private nonprofit organizations supporting housing activities consistent with city policy;

4. Provide financial assistance to pay for utility connections for qualified housing activities; and

5. Fund approved, eligible operating expenditures related to the provision of assistance covered by this chapter. (Ord. 99-45 § 1, 1999)

3.38.050 Advisory board.

The Bainbridge Island health, housing and human services council will provide an advisory board to the Bainbridge Island housing trust fund. (Ord. 99-45 § 1, 1999)

3.38.060 Reporting.

A separate written annual report on the status of activities, programs, and projects funded through the use of the city of Bainbridge Island housing trust fund shall be prepared. (Ord. 99-45 § 1, 1999)