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AN ORDINANCE AMENDING CHAPTER 2 OF THE DULUTH CITY CODE, 1959, AS AMENDED, DELETING EXISTING ARTICLE XXXII THEREFROM AND SUBSTITUTING A NEW ARTICLE XXXII THEREFORE ESTABLISHING A NEW HOUSING TRUST FUND AND AMENDING CHAPTER 20 OF SAID CODE BY AMENDING ARTICLE II THEREOF BY CREATING A NEW DIVISION 11, CREATING THE HOUSING TRUST FUND.
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CITY PROPOSAL:
The City of Duluth does ordain:
Section 1. That Article XXXII of chapter 2 of the Duluth City Code, 1959, as amended is hereby amended by deleting said article in its entirety and by substituting the following therefore:
Article XXXII. Housing Trust Fund.
Section 2-167. Purpose.
The purpose of the Housing Trust Fund ("HTF") is to assist in filling existing gaps in the housing financing market, to achieve the following goals:
a) Increase the housing stock in the city of Duluth, both owner-occupied and rental housing, with an emphasis on affordable housing units;
b) Invest in increasing availability of affordable housing units in all of the city's neighborhoods;
c) Invest in removing blight, improving safety, and encouraging pride in Duluth neighborhoods;
d) Leverage existing municipal infrastructure;
e) Promote density in locations where such development would conform to the city's comprehensive plan.
Sec. 2-168. Fund - duration.
This Article governs the administration of funds in the HTF created pursuant to Section 20-32.1 below and any interest generated by any funds within said account. This Article shall be deemed to be repealed when all funds in the HTF have been expended or obligated or on December 31, 2035, whichever occurs earlier. Any funds in the HTF at the time of termination shall be deposited in such other city fund as is directed in a Resolution of the City Council.
Sec. 2-169. Source.
Initial funding of the HTF shall consist of funds transferred to it pursuant to Resolution Number 21-___, from the community investment trust fund, created by Section 54(E) of the Charter, by any funds appr...
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