23.61.060 AFFORDABLE HOUSING FUND.

(a) All affordable housing commercial linkage fees or other funds collected under this chapter shall be deposited into the City's affordable housing fund.

(b) The monies in the affordable housing fund and all earnings from investment of the monies in the fund shall be expended exclusively to provide housing affordable to very low income, lower income, and moderate income households in the City, consistent with the goals and policies contained in the City's Housing Element and the purposes for which the fees were collected, and for administration and compliance monitoring of the affordable housing program.

(c) The City Council may, from time to time, adopt guidelines for expenditure of monies in the affordable housing fund.