A. There is established a separate fund of the city, to be known as the affordable housing trust fund. All moneys collected in compliance with Section 17.48.110 (Enforcement and monitoring) shall be deposited in the affordable housing trust fund.

B. Moneys recovered pursuant to Section 17.48.110 (Enforcement and monitoring) shall be distributed to the affected tenants or buyers, to the extent the tenants or buyers are very low, low, or moderate income households eligible to occupy the inclusionary and density bonus target units and made payments in excess of the applicable affordable housing cost or sales price. (Ord. 2020-07 § 2, 2020; Ord. 2006-14 § 2 (Exh. A), 2006)