DIVISION 8. - AFFORDABLE HOUSING TRUST COLLABORATIVE
Part of the Code of Ordinances of Narragansett, RI.
The text
Footnotes:
--- (11) --- Editor's note— Ch. No. 1127, § 1, adopted July 15, 2024, amended Division 8 in its entirety to read as herein set out. Former Division 8, §§ 2-179—2-185, pertained to the same subject matter, and derived from Ch. 872, § 1, February 27, 2006; Ch. 872, § 1, 2-27-2006; Ch. 1098, § 1, September 6, 2022.
Sec. 2-179. - Purpose.#
There is hereby established an affordable housing trust (hereafter called "trust" in this division). The trust is organized for the purpose of: (1)
Acquiring land and buildings for the purpose of providing affordable housing opportunities.
(2)
Meeting the ten percent affordable housing goal mandated by the Low and Moderate Income Housing Act (RIGL 45-53-1 et seq.).
(3)
Recommending, implementing and managing strategies, programs, policies and initiatives for increasing affordable housing and promote/advocate for their implementation.
(4)
Recommending, implementing and managing strategies, programs, policies, and initiatives for maintaining current affordable housing and promote their implementation.
(5)
Leveraging additional outside resources for the creation and rehabilitation of affordable housing.
(6)
Assist the town council in overseeing the affordable housing measures identified in the affordable housing plan, a component of the Narragansett Comprehensive Plan.
(7)
Assisting with updates to the affordable housing plan.
(Ch. 1127, § 1, 7-15-2024)
Sec. 2-180. - Establishment.#
(a)
The affordable housing trust is hereby established as a separate segregated account under the name of the "Narragansett Affordable Housing Trust" held by the town for the purposes set forth in this division.
(b)
Into this account shall be deposited revenue collected under section 2-185, regardless of the sources of revenue.
It is the intention of the town council that the trust be a dedicated fund for the implementation of the purposes of this division. Therefore, any assets remaining in the trust at the end of any fiscal year shall be carried into the next fiscal year, including all interest and income earned, as well as any repayments or forfeitures of loans and/or grants. The trust shall be set up as a revolving account by the town finance director, with earnings to accumulate thereon. The trust's fiscal year shall be consistent with the town's fiscal year.
(c)
Trust money shall be used to implement the housing plan created, and as may be amended from time to time.
(d)
The disbursement or acceptance of funding may be conditioned upon compliance with any applicable long-term affordability restrictions and monitoring in accordance with the guidelines provided by Rhode Island Housing and Mortgage Finance Corporation, the Narragansett Low and Moderate Income Housing Plan and other applicable local, state and federal restrictions or guidelines.
(e)
The trust shall be administered by the town finance department. Once the fund has more than $50,000.00 of assets. the finance department shall provide quarterly reports to the trustees related to trust beginning balance, income from fees collected, interest, loan repayments, along with other sources of income, in addition to expenses related to projects, programs and operations and ending trust balance for the quarter.
(f)
Town officials and staff as designated by the town manager shall provide administrative support to the trust board of trustees as necessary.
(Ch. 1127, § 1, 7-15-2024)
Sec. 2-181. - Membership; terms, election of officers.#
(a)
The trust shall be administered by six members of the public and one town council representative as trustees.
(b)
The town manager, and the director of community development, and the director of the Narragansett Housing Authority shall serve as non-voting ex-officio members.
(c)
The trustees shall be appointed by the town council for a three year term. Terms will be staggered so that they do not begin the same year. Each January, a chairperson, vice-chairperson and secretary from among its members shall be elected.
(Ch. 1127, § 1, 7-15-2024; Ch. 1134, § 1, 1-6-2025)
Sec. 2-182. - Authority to adopt regulations; annual report, meetings to be open to the public.#
The trustees may adopt with town council approval reasonable rules and regulations governing the conduct of trust affairs, including the acquisition and management of its holdings, and expenditure or allocation of funds not inconsistent with the provisions of this division. For the purposes of conducting any official business, a minimum of four voting trustees shall constitute a quorum. The trustees shall keep an accurate record of their meetings and actions and shall file an annual report. All meetings of the trust, except those held in closed session in accordance with the open meeting law, shall be open to the public.
(Ch. 1127, § 1, 7-15-2024)
Sec. 2-183. - Powers.#
Subject to review and prior written approval by the town council, the trust may: (1)
Purchase, receive by gift, or otherwise acquire real property or any interest in real property consistent with the purposes of the trust.
(2)
Accept gifts, grants or services from any source, public or private, and comply, subject to the provisions of this division, with any terms and conditions thereof.
(3)
Accept from the state and/or federal agencies, grants for use in carrying out the purposes of the trust and enter into any agreements with such agencies respecting any such grants.
(4)
Contract with or obtain the services of such personnel as needed to implement programs and provide necessary services.
(5)
Administer, lease as lessor or lessee, and manage land and interests in land leased or owned by it in a manner which allows for affordable housing.
(6)
Otherwise do all things necessary for the performance of its duties, the fulfillment of its obligations and the conduct of its business.
(7)
Set standards, policies, and goals for the trust, consistent with the purposes and policies set forth in this division, including without limitation criteria for eligible projects, number and type of units funded, and scoring of applications for funding.
(8)
Establish bylaws or policies for the conduct of business in accordance with this division.
(9)
Annually review trust awards and disbursements to ensure that trust resources are expended in a manner that conforms with this division and with board of trustees' directives and shall revise trust policies as needed to ensure this conformity.
(10)
An annual report issued by the trust shall report on the activities and accomplishments of the trust in the previous calendar year. This report shall:
a.
Provide total numbers of housing units produced, homes preserved, and households prevented from becoming homeless with trust support.
b.
List of projects funded or assisted through the trust.
c.
Report on funds expended and dollars leveraged by the trust.
d.
Report in aggregate form the number of households benefiting from the trust by income level, family size, and other criteria as selected by the trust board of trustees.
e.
Report on modifications which will be made to the policies of the board of trustees designed to reflect the changing needs of the town.
(11)
Establish goals and objectives for the upcoming year.
(12)
For financial reporting purposes, be a governmental fund of the town and, as such, shall be included in the town's comprehensive annual financial report and will be audited in accordance with governmental auditing standards.
(13)
Follow all town policies, including, but not limited to, the town's purchasing policy, and as such is subject to all state purchasing guidelines. All monies received by the board of trustees shall be paid to the finance director of the town, who shall hold the same in a special fund and shall pay and distribute the same only on the written order of the town council, based on the recommendations made by the trust board of trustees.
(Ch. 1127, § 1, 7-15-2024)
Sec. 2-184. - Budget.#
The town council may annually budget monies to be deposited into the trust.
(Ch. 1127, § 1, 7-15-2024)
Sec. 2-185. - Sources of revenue.#
The trust may be composed of several fund sources. The fund sources have been combined to create a pool of money to fund a variety of housing projects and programs, which directly or indirectly assist homeowners or tenants in the creation or rehabilitation of affordable housing or allow community-based organizations and housing-based organizations to help provide housing options for households earning up to the U.S. Department of Housing and Urban Development moderate-income limit of 100 percent Area Median Income (AMI). (1)
Capitalization. The affordable housing trust may be funded through revenues derived from gifts or grants to the town and the trust, and from appropriations from the town's general fund, affordable housing bonds or other public sources, as the town council may from time to time establish or approve. It shall include additional monies or other liquid assets received as voluntary contributions, or grants and the interest or other income accumulated thereon. Distribution and program investment of capital funds shall require the approval of the town council. However, investment of the trust's liquid capital funds pending disbursement or program investment shall be subject to the town's investment policy. Program investment in the investment of funds in loans or land or other investments for the purposes of this division.
(2)
Dedicated sources of revenue. Dedicated sources of revenue may be obtained through the state and federal government grants and subsidy programs as well as private and public sources. Dedicated sources may also include payments in lieu of construction of affordable housing required under town council approved zoning and planning provisions, or other fees and fines approved by the town council, including a portion of housing related fees and fines as allowed by law, and the repayment of loans funded by the trust.
(3)
Any funds collected by the trust, including other sources that may be identified, interest and income earned, repayments, or forfeitures under any loan or grant agreements shall be deposited into the trust fund. In order to increase available resources for affordable housing production and preservation, the trust shall not supplant current funding levels for affordable housing available from other sources.
(Ch. 1127, § 1, 7-15-2024)