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Fund monies shall be used in accordance with the City's Housing Element, Redevelopment <br />Implementation Plan, HUD Consolidated Plan or subsequent plan adopted by the City <br />Council to construct or convert to affordable housing or assist other governmental entities, <br />private organizations or individuals to do so. Permissible uses include, but are not limited to, <br />assistance to nonprofit affordable housing developers, grants, and pre - development loan <br />funds. The Fund may be used for the benefit of both rental and owner - occupied housing. <br />The Fund may also be used to administer the City's housing monitoring program to assure <br />long -term compliance with all affordable housing agreements. <br />For FY 2009 -10, the Fund's revenue balance as of June 30, 2010 was $65,967.40. In FY 09- <br />10, an in -lieu fee of $3,863 was collected for a property at 2370, 2372 and 2374 Marina Blvd., <br />three new residential units built to be condominiums. Also in that fiscal year, interest accrued <br />totaling $981.00. A minimal cost for Chinese translation of a public notice was incurred for <br />FY 09 -10, too. For FY 2010 -11, the Fund's balance was $66,486.40 as of June 30, 2011. In <br />FY 10 -11, interest accrued totaling $519.00. No project - related disbursements were made <br />from the Fund for FY 09 -10 and FY 10 -11. <br />The only affordable units that have been built with the Fund's monies since the inception of <br />the Fund is Estabrook Place, an affordable senior rental housing development with 51 below - <br />market rate units, 50 of which serve very low- income seniors while one unit is reserved for an <br />on -site manager. Funds were disbursed for this project in FY 2007 -08. <br />Under the City's Zoning Code Section 6 -3028 and California Government Code Section <br />66006(b), the Community Development Director shall provide an annual report to the City <br />Council on the status of activities undertaken with the City's Affordable Housing Trust Fund. <br />This report evaluates the efficiency of this Ordinance in mitigating the City's shortage of <br />affordable housing and recommends any changes to this Ordinance necessary to carry out <br />its purposes, including any adjustments to the number of units to be required. <br />Additionally, the City is required to have the City Council review this annual report and make <br />it available to the public after public notice has been given. This report shall include a <br />statement of income, expenses, disbursements and other uses of the Fund. This report <br />should also state the number and type of inclusionary units constructed or assisted during the <br />year of the report and the amount of such assistance. <br />To date, the Ordinance and its fees have helped the City implement its Consolidated Plan <br />and Housing Element goals of providing affordable rental housing for a lower- income <br />segment of the population through the acquisition /development of Estabrook Place. Public <br />comments received for the current Housing Element for 2007 -14 indicate that it may be <br />desirable to amend the Ordinance to ensure it can effectively adapt to the housing market as <br />outlined in Action 53.04 -B: Revisions to Inclusionary Zoning Ordinance (see Applicable <br />General Plan Policy below). City staff shall continue to assess such public comments and <br />plan to review feasible amendment options with Council in FY 2011 -12. <br />Current Agency Policies <br />The Housing Element for 2007 -14 of the City General Plan and Article 30 of the Zoning Code <br />(Inclusionary Housing Ordinance). <br />Previous Actions <br />On December 2004, the City Council adopted Article 30 of the Zoning Code, the Inclusionary <br />Housing Ordinance. <br />