§ 10.100-375. 180 JONES STREET AFFORDABLE HOUSING FUND.
Latest version.
(a) Establishment of Fund. The 180 Jones Street Affordable Housing Fund is established as a category four fund to receive fee revenue dedicated to affordable housing and other contributions to the fund. Monies in the fund shall include:
(1) A payment of $0.4 million in lieu of the Jobs-Housing Linkage Fee otherwise required under Planning Code Sections 413et seq. but waived by Board of Supervisors for the 950-974 Market Street project. This payment is addressed in an ordinance concerning the waiver of the Jobs-Housing Linkage Fee and Inclusionary Housing Requirements, and authorizing other exemptions as well as a land dedication (the “950-974 Market Street Ordinance”), which is on file with the Clerk of the Board of Supervisors in File No. 161066.
(2) A payment of $10.85 million in lieu of affordable housing fees otherwise required under Planning Code Sections 415et seq. (Inclusionary Housing Program) but waived by Board of Supervisors for the 950-974 Market Street project in the 950-974 Market Street Ordinance, on file with the Clerk of the Board of Supervisors in File No. 161066.
(3) A gift of $2.7 million from the Project Sponsor of the 950-974 Market Street Project, as authorized in the 950-974 Market Street Ordinance, on file with the Clerk of the Board of Supervisors in File No. 161066.
(4) Any other monies donated or appropriated to the fund.
(b) Use of Fund. The fund is to be used exclusively by the Mayor’s Office of Housing and Community Development (MOHCD), or its successor, for the purpose of supporting construction of affordable housing units at 180 Jones Street (Assessor’s Block 0343, Lot 14). If, however, the City fails to approve a revised project at 180 Jones Street within five years of the last payment to the Fund authorized by the 950-974 Market Street Ordinance, the money in the Fund shall be deposited into the Citywide Affordable Housing Fund as established in Administrative Code Section 10.100-49, or its successor fund.
(c) Exceptions to Fund Category. The Director of MOHCD shall approve all expenditures from the fund.
(d) Administration of Fund. The MOHCD shall administer the fund and shall report annually to the Board of Supervisors on the current status of the fund, the amounts approved for disbursement,
and the number and types of housing units assisted. The MOHCD shall have the authority to prescribe
rules and regulations governing the fund. Except as provided in subsection (b), any unexpended funds remaining after 10 years from the effective date of the ordinance identified in subsections (a)(1) and (a)(2) shall be deposited into the Citywide Affordable Housing Fund as established in Administrative Code Section 10.100-49 or its successor fund.
