Dedicating a Revenue Source from Affordable Housing Mitigation Fees for the Fund Established for the Furtherance of Affordable House in the Village of Yellow Springs
- Published: April 21, 2021
— Public Notice —
DEDICATING A REVENUE SOURCE FROM AFFORDABLE HOUSING MITIGATION FEES
FOR THE FUND ESTABLISHED FOR THE FURTHERANCE OF AFFORDABLE HOUSING IN THE VILLAGE OF YELLOW SPRINGS
ORDINANCE 2021-07, VILLAGE OF YELLOW SPRINGS, OHIO
Interested persons will take note that the Village Council of Yellow Springs on Monday, April 19, 2021, gave first reading to an ordinance, text to follow.
Council will give a second reading to consider passage into law during a public
hearing on Monday, May 3, 2021, via a virtual meeting.
WHEREAS, Council for the Village of Yellow Springs recognized the need to increase the availability of affordable housing in the Village via Ordinance 2018-51, passed December 17, 2018, by legislation establishing a Fund for Furtherance of Affordable Housing In the Village of Yellow Springs (“the Fund”); and
WHEREAS, pursuant to state audit standards, the Village’s general fund may not be used to support the Fund through annual appropriations alone, as the Village must dedicate a revenue source for such line items, therefore the line item has not yet been created; and
WHEREAS, the Village Council has determined that the imposition of an Affordable Housing Mitigation fee in conjunction with operations of certain Transient Guest Lodging establishments provides the necessary dedicated revenue for the Fund to support affordable housing activities,
NOW, THEREFORE, COUNCIL FOR THE VILLAGE OF YELLOW SPRINGS, OHIO HEREBY ORDAINS THAT:
Section 1. The Finance Director is re-authorized to establish a line item for the Affordable Housing Fund pursuant to all accounting and auditing principles.
Section 2. The Finance Director is authorized to receipt monies into this fund from all Affordable Housing Mitigation Fees and to make appropriations as directed when such funds become available, and to make expenditures as permitted by law.
Section 3. This ordinance shall be in effect and in full force at the earliest date allowed by law.
Brian Housh, President of Council