The funds held in the Affordable Housing Trust and Agency Fund
shall be used to finance affordable housing administration and initiatives
that increase the number of available affordable units, including
but not limited to renovation to existing homes, down payment assistance,
purchase of land, construction of affordable homes, purchase of homes,
rent assistance, sewer district extensions or connections, mortgage
assistance, purchase subsidies, and planning studies to identify and
implement housing initiatives.
Expenditures shall be made from these funds upon the specific
authorization of the Town Board or based on the recommendations of
the Affordable Housing Advisory Board. The Affordable Housing Advisory
Board shall develop criteria for the expenditure of funds deposited
in the Fund and shall submit same to the Town Board for approval.
Thereafter, the Advisory Board shall make recommendations to the Town
Board based on the approved criteria.