Drafter
Clerk 09/24/2012
Title
AN ORDINANCE related to the housing opportunity acquisition fund; converting the fund from a first tier capital improvement fund to a first tier operating fund with no change to its purpose or operation; and amending Ordinance 9368, Sections 1 and 2, as amended, and K.C.C. 4.08.235 and Ordinance 12076, Section 9, as amended, and K.C.C. 4.08.015.
Body
STATEMENT OF FACTS:
1. Ordinance 9368, originally approved by the King County council on March 27, 1990, established the housing opportunity acquisition fund as a first tier capital improvement ("CIP") fund, designated as fund no. 0322, the purpose of which is to acquire, renovate and construct housing for low-income families, seniors at risk of displacement and homelessness, homeless individuals and persons with special housing needs funded by real estate excise tax.
2. The housing opportunity acquisition fund is used by the county primarily to fund low-income housing development and the provision of homeless assistance program services by community not-for-profit organizations, and King County does not acquire or hold title to any capital asset to the housing capital or services projects developed and supported under the fund.
3. Staff from the finance and business operations division and the office of performance, strategy and budget are in agreement that the housing opportunity acquisition fund functions more like an operating fund than a CIP fund with purposes not limited to acquisition, and should appropriately be reclassified to that of an operating fund named the Housing Opportunity Fund.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 9368, Sections 1 and 2, as amended, and K.C.C. 4.08.235 is hereby amended to read as follows:
A. There is hereby ((established a)) created the housing opportunity fund((, a capital improvement fund, designated as fund no. 322)).
((This)) B. The fund shall be a first tier fund as described in ((K.C.C. 4.10.010)) this...

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