§ 11.09. Broward County Affordable Housing Trust Fund.

A.

Broward County Affordable Housing Trust Fund established. The Broward County Affordable Housing Trust Fund ("Trust Fund") is hereby established. The purpose of the Trust Fund is to provide a continuing, non-lapsing fund for the Broward County Commission to use to address the need for affordable housing in Broward County, Florida.

B.

Affordable housing; definition; scope. For purposes of this section, "Affordable Housing" shall mean housing intended for very low to moderate income households as defined as follows: Income Eligible Person/Family: means one or more natural persons or a family that has a total annual anticipated income for the household below 140 percent of the median annual income adjusted for family size for households within Broward County.

C.

Purpose of Trust Fund. The Trust Fund will be used to create and sustain affordable housing throughout Broward County for renters and homeowners, and increase workforce housing opportunities.

D.

Revenue sources. The Trust Fund established under this section shall be funded by the County Commission, and may be comprised of the following sources:

(1)

Broward County General Revenue appropriated to the Trust Fund by the County Commission as part of the annual budget;

(2)

Savings from Expired Tax Increment Financing Payments to Community Redevelopment Agencies within the County;

(3)

Funds voluntarily contributed by municipalities that may elect to participate in the Trust Fund and programs funded by the Trust Fund;

(4)

Grants or donations made to the Trust Fund;

(5)

Mandatory or voluntary payments made pursuant to the development policies established by ordinance; and

(6)

Other sources as established by ordinance.

E.

Continuing Nature of Trust Fund. Notwithstanding any other provision of this Section, unspent portions of the Trust Fund established under this Section, repayments of principal and interest on loans provided from the Trust Fund, and interest earned from the deposit or investment of monies from the Trust Fund:

(1)

Shall remain in the Trust Fund, to be used exclusively for the purposes of the Trust Fund;

(2)

Do not revert to the general revenues of the County; and

(3)

Any appropriations do not lapse.

F.

Administration and Oversight of Trust Fund. The Trust Fund shall be administered by Broward County in a manner that allows the Trust Fund to leverage other sources of public funds and private investment, a recognized national best practice. The Trust Fund shall be included in the annual audit.

( Election of 11-6-18 )

Editor's note

See the editor's note to § 11.06.