Ordinance 16-41

This Ordinance creates a Housing Development Fund. The Fund may be used to provide financial assistance to individuals and families whose income is at or below 130% of Monroe County’s median income to enable those individuals and families to purchase or lease residential units within the City, to purchase and develop property as affordable housing for individuals and families whose income is at or below 130% of Monroe County’s median income, and to make grants, loans, and loan guarantees for the development, rehabilitation, or financing of affordable housing for individuals and families whose income is at or below 130% of Monroe County’s median income. Monies from the Fund will either be accepted by the Common Council (in the case of restricted donations) or appropriated by the Common Council (in the case of other monies). Claims will be approved by the Redevelopment Commission. The Fund shall not revert to any other fund.