Chapter 3.35
NEWBERG AFFORDABLE HOUSING TRUST FUND
Sections:
3.35.030 Establishment of Newberg affordable housing trust fund – Use of funds.
3.35.040 Establishment of policies and procedures.
3.35.010 Purpose.
A. The purpose of the Newberg affordable housing trust fund (NAHTF) is to support the development, preservation, and rehabilitation of housing that is affordable to the citizens of Newberg with incomes that do not exceed 80 percent of the area median income. The NAHTF will have a dedicated source of revenue to provide ongoing funding for housing projects or programs that address the housing needs of these Newberg residents. The primary purpose of the NAHTF is to encourage the development, preservation, and rehabilitation of housing for home ownership or rent, at a cost that will enable very low, low and moderate-income families to afford quality housing while paying no more than 30 percent of gross household income on housing.
B. NAHTF funds will support activities that create, preserve or acquire affordable housing within the Newberg city limits. NAHTF funds also may be used for permanent or transitional housing for homeless families and individuals, and for the modernization, rehabilitation and repair of public housing.
C. The NAHTF is not intended to be the sole source of funding for affordable housing, and any activity or project eligible for support from the NAHTF is expected to develop additional sources of funds.
D. To achieve the purposes of the NAHTF, it is the goal of the city to operate a fund that is strong and effective. [Ord. 2785 § 1, 8-17-15; Ord. 2749 § 1, 3-5-12.]
3.35.020 Definitions.
The following words and phrases whenever used in this chapter shall be construed as defined in this section unless from the context a different meaning is intended.
“Administrative procedures” mean the procedures for administration of the NAHTF established by resolution of the city council, including but not limited to procedures which outline application, evaluation, and all other associated procedures for administration of the NAHTF.
“Affordable housing” means residential housing primarily for households or persons earning less than 80 percent the area median income where housing costs or rent do not constitute more than 30 percent the household income, and as more fully defined per city resolution.
“Affordable housing priorities” mean priorities established from time to time by the city council by motion, order or resolution, to guide the allocation of funds from the NAHTF.
“Eligible uses and activities” mean those uses for the NAHTF which are set forth in an implementing resolution of the city council, such uses including but not limited to uses and activities which facilitate the production and preservation of affordable housing within Newberg’s city limits.
“Newberg affordable housing trust fund” (NAHTF) means a separate account created by the city finance department established by this chapter and used exclusively for NAHTF purposes as set forth in this chapter and implementing resolutions of the city council. [Ord. 2785 § 2, 8-17-15; Ord. 2749 § 1, 3-5-12.]
3.35.030 Establishment of Newberg affordable housing trust fund – Use of funds.
A. There is hereby established and created a Newberg affordable housing trust fund (NAHTF). The fund is a separate account established by the City of Newberg finance department for purposes consistent with this chapter. The fund will provide a discrete account for earmarked affordable housing funds and dedicated affordable housing funds.
B. The NAHTF allows for dedicated funds to be used in support of affordable housing priorities through receipt of donations and dedicated revenue streams, including but not limited to donations, grants, sale of surplus city property, or any other revenue sources approved by the Newberg city council.
C. Distribution of funds shall be in accordance with the policies and procedures adopted by resolution of the Newberg city council. [Ord. 2749 § 1, 3-5-12.]
3.35.040 Establishment of policies and procedures.
The administrative procedures associated with the NAHTF, including fund administration, determination of eligible applicants, eligible uses and activities, award preferences, eligibility criteria, award process, and selection criteria are established per city resolution and may be amended from time to time. [Ord. 2749 § 1, 3-5-12.]