A. Use and Disbursement of Monies in the Fund. Monies collected pursuant to this chapter shall be used in accordance with and in support of activities to implement the city’s adopted housing element, consolidated plan, and implementation plan. Activities shall be limited to direct expenditures for the development of affordable housing as defined herein or incidental non-capital expenditures related to such projects, including but not limited to land acquisition, applicable predevelopment costs, construction, rehabilitation, subsidization, counseling or assistance to other governmental entities, private organizations or individuals to expand affordable housing opportunities to low- and moderate-income households, and ongoing administration and maintenance of the commercial development housing linkage fee program, including expenditures for the cost of studies, legal costs, and other costs of administering, maintaining and updating the program. Monies in the fund may be disbursed, hypothecated, collateralized, or otherwise employed for these purposes from time to time as the city council so determines is appropriate to accomplish the purposes of the affordable housing fund. These uses include, but are not limited to, assistance to housing development corporations, equity participation loans, grants, predevelopment loan funds, participation leases, loans to develop affordable housing or other public/private partnership arrangements. The affordable housing funds may be expended for the benefit of both rental and owner-occupied housing.

B. Accounting of Fees. All fees shall be deposited into a segregated account and all expenditures of funds from the same shall be documented and available for public inspection during regular business hours.