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.