Title
Resolution providing for the creation of The Affordable Housing Payment Fund and setting the conditions for the deposit and expenditure of such funds. This fund is for the exclusive use of funding new and continued affordable housing within the same neighborhood as housing projects which qualify under section 915.07.D Bonus Points and Goals of The Pittsburgh Code of Ordinances.
Body
Be it resolved by the Council of Pittsburgh as follows:
Section 1. The City Controller is hereby authorized and directed to create a trust fund entitled the “Affordable Housing Payment Fund” into which shall be deposited monies in accordance with Chapter 915 of the Pittsburgh Code of Ordinances.
Section 2. The Trust Fund shall be established within the Office of Management and Budget and may only be used to fund new and continued affordable housing initiatives within the same neighborhood as housing projects which qualify under Section 915.07.D of the Pittsburgh Code of Ordinances.
Section 3. The Department of City Planning, subject to the approval of City Council, shall be authorized to approve requests to use monies from the Trust Fund for qualifying projects.
Section 4. A yearly budget for the expenditure of funds from the “Affordable Housing Payment Fund” shall be submitted to Council no later than December 1st of each year.
Section 5. An annual report detailing revenues and expenditures from the “Affordable Housing Payment Fund” shall be prepared by the Office of Management and Budget and communicated to City Council, the City Controller, and the Mayor by May 1st of each year.