§ 17-130. Legislative intent and purpose.

It is the intent of the Board of County Commissioners to create an affordable housing trust fund as a permanent, renewable source of revenue to meet, in part, the housing needs of the residents of Miami-Dade County. Those households which are intended to benefit from the trust fund shall be income eligible and possess at least one of the following characteristics: (1) they are cost-burdened by paying more than 30% of their gross income for housing costs, (2) they live in overcrowded conditions, or (3) they live in substandard housing units.

The affordable housing trust fund shall be used solely for programs and administrative support approved by the Board of County Commissioners to meet the housing needs of those households who meet the target income of up to 140% of the area median income for Miami-Dade County. These programs shall include, without limitation, those providing assistance through production, acquisition, rehabilitation and preservation of housing units.

All appropriated funds designated by the Board of County Commissioners shall be deposited into the affordable housing trust fund in an interest-bearing account. All interest earnings from the account shall be reinvested and dedicated to the trust fund. All appropriated funds in the affordable housing trust fund account shall be available for program expenditures.

The objective of creating an affordable housing trust fund is to foster a housing supply accessible to a range of family incomes in developments assisted by the trust fund and to disperse affordable housing units throughout the County, in accordance with objectives, goals, and policies of the housing element of the CDMP.

(Ord. No. 07-15, § 1, 2-6-07)