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3.32.010 Chapter 3.32 families of low or moderate income "), and 50105 ( "very low income households ") shall LOW - AND MODERATE - INCOME apply to these requirements. HOUSING B.. The funds for these purposes shall be held in a separate low- and moderate- income • Sections: housing fund (the "fund ") until used. Any 3.32.010 Use of tax increment interest earned by the fund and any funds to increase, repayments or other income to the agency for improve, and preserve the loans, advances, or grants, of any kind from . supply of affordable the fund, shall accrue to and be deposited in, housing. • the fund and may only be used in the manner 3.32.020 Replacement housing. prescribed for the fund. 3.32.030 Inclusionary C. The agency shall, to the maximum requirements for new or extent possible, use the fund to defray the rehabilitated dwelling costs of production, improvement, and units within the project preservation of low- and moderate- income area. housing. The agency shall not spend amounts 3.32.040 Duration of affordability. for planning and general administrative • 3.32.050 Monitoring affordable activities that are disproportionate to the housing. amount actually spent for the costs of 3.32.060 Provision of down production, improvement, or preservation of payment for peace that housing. The agency shall determine officer's purchase of annually that the planning and administrative principal residence. expenses are necessary for the production, • improvement, or preservation of low- and • 3.32.010 Use of tax increment funds moderate - income housing. • to increase, improve, and D. The agency may use these housing preserve the supply of fund inside or outside the project area, but affordable housing. may use the funds outside the project area A. The agency shall use not less than only upon a resolution of the agency and the twenty (20) percent of all taxes allocated to it city council that the use will be of benefit to • pursuant to Health and Safety Code Section the project. The agency may use these funds • 33670 for the purposes of increasing, to meet, in whole or in part, the replacement improving, and preserving the community's housing provisions in this title. Expenditures supply of low- and moderate- income housing or obligations incurred by the agency pursuant available at affordable housing cost to persons to this section shall constitute an indebtedness and families of low or moderate income and of the project: very low income. The definitions contained in E. In carrying out the purposes of this Health and Safety Code Sections 50052.5 • section, the agency may exercise any or all of ("affordable housing cost "), 50079.5 ( "lower- its powers, including the following: income households "), 50093 ( "persons and I. Acquire real property or building sites; 137