Stamford, Conn., Code of Ordinances ch. 146 § 146-75

A. The continuation of the Fund shall be perpetual, notwithstanding that from time to time said Trust may be unfunded.
B. Expenditures from the Trust as defined in section 146-75 must be approved by the Trustees and shall be considered approved pursuant to Part 8 of the Stamford City Charter. Notwithstanding the foregoing, any proposed expenditure over one hundred thousand dollars ($100,000.00) approved by the Trustees shall be submitted as a recommendation to the Board of Representatives. The Board of Representatives may reject such recommended expenditure within forty-five (45) days of receipt of the recommendation by a vote of two-thirds (⅔) of the members of the Board of Representatives present and voting. If, within forty-five (45) days of receipt of the recommendation, the Board of Representatives fails to reject such recommendation, it shall be considered approved pursuant to Part 8 of the Stamford City Charter.
C. Expenditures shall be made from the Trust only in accordance with the following procedures and requirements:
1. All expenditures listed below shall be based on and prioritized by the Stamford Affordable Housing Plan. Funds from the Trust shall only be used for the following authorized purposes:
a. Creation of affordable rental or homeownership housing units. To encourage the development of affordable housing through a variety of means including, but not limited to, the provision of favorable financing terms to developers of affordable housing, or by means of the direct write-down of costs for non-profit developers of affordable housing, or to subsidize the acquisition of sites, existing structures or designated affordable housing units which comprise a portion of a larger development containing housing which is not deemed affordable to persons of low and moderate income.
b. Multi-family rehabilitation program. To finance the rehabilitation, repair, renovation or alteration of existing and deteriorated multi-family residential properties in a manner that preserves the affordability of dwelling units within such properties through interest rate subsidies, loan guarantees or the direct write-down of project costs. Multi-family housing owned and operated by nonprofit entities that ensure maximum long-term affordability shall receive priority funding consideration.
c. Limited Equity Cooperative or Condominium Conversion Properties. To assist in the acquisition, rehabilitation, repair, alteration or renovation of residential properties deemed appropriate for conversion to a "common interest community" as defined pursuant to CGS 47-202(7).
d. Home ownership assistance. To assist persons and families of low and moderate income with the financing of the purchase, repair or renovation of affordable housing through low interest loans or local grants. The administration of such loans or grants will be conducted by the City of Stamford Department of Community Development or third party, as determined by the City.
e. Studies to determine the affordable housing needs of Stamford residents and for the preparation of the Stamford Affordable Housing Plan. Selection of vendors for such service shall be pursuant to Stamford Code sections 23-13 -- 23-18.13 .
f. Foreclosure and Eviction Prevention and Protection Programs . Programs that provide support, including, but not limited to, legal services, financial counseling, or financial assistance, to Stamford residents threatened by foreclosure, eviction or other events that may lead to homelessness.
g. Rental and Landlord Assistance Programs . Programs that provide financial or other support to renters or landlords focused on low income households and landlords or organizations providing affordable housing for low income households.
2. Interim Provisions:
a. No funds shall be disbursed from the Affordable Housing Trust fund within six (6) months of the effective date of this Ordinance except for the following purposes:
i. Foreclosure and Eviction Prevention and Protection Programs pursuant to section 146-75.C.1.f above.
ii. Rental Assistance Programs for low-income households.
iii. An Affordable Housing Study pursuant to City of Stamford RFP number 779 and awarded to HRA&A Advisors.
b. Two (2) years after the creation of the Housing Trust Fund, no funds shall be disbursed in absence of an approved Stamford Affordable Housing Plan and all expenditures must demonstrate how they meet the goals and priorities established by the SAHP. This rule may be suspended during a State of Emergency to allow for the disbursement of funds to alleviate emergency related impacts on housing.
3. Expenditures of one hundred thousand dollars ($100,000.00) or less. The Board of Trustees shall accept, on a continuous basis, requests for funds of one hundred thousand dollars ($100,000.00) or less for authorized purposes as outlined in subsection 146-75.C.2 from eligible parties. Eligible parties include for-profit and not-for-profit housing developers or not-for-profit organizations with the goal of furthering affordable housing, the Stamford Public Housing Authority (Charter Oak Communities), or the Stamford Department of Community Development. Individuals shall not be considered eligible parties. The Board shall quarterly review and make a determination whether or not to grant such requests. The Board shall disburse no more than thirty (30) percent of the funds available in the trust at the time it makes such determination.
4. Whenever three million dollars ($3,000,000.00) or more are available in the Trust, the Board of Trustees shall issue a Notice of Funds Available (NoFA) to solicit proposals for how to further the City's Affordable Housing Plan, as defined in section 146-75.C.2. of this Article, and the most current assessment of the City's housing needs. Such NoFA shall be issued no later than two (2) weeks after the first Board meeting after the monies in the Trust reach the above threshold. No later than seven (7) months after the issuance of the NoFA, the Board of Trustees shall render a decision on whether or not and how to fully or partially disburse the monies of the Fund. The Board shall follow the rules established by Stamford Code Chapter 23, Article II (Purchasing).
D. The Board of Trustees shall, at the end of each Fiscal Year, prepare a Report listing all expenditures and projects supported in said Fiscal Year, how they address affordable housing needs and priorities in accordance with the Stamford Affordable Housing Plan and how they meet the criteria of section 146-75.C. Said report shall be completed and submitted to the Planning Board, the Board of Representatives, the Board of Finance and the Director of Administration by no later than September 15 of the following Fiscal Year. The Report shall also be posted on the City of Stamford website for public inspection and shall be available in hardcopy at the City of Stamford Land Use Bureau and Town Clerk office for review during normal business hours.