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City of Roseville ORDINANCE NO. 1655 AN ORDINANCE ESTABLISHING TITLE 9, CHAPTER 912 AN ORDINANCE ESTABLISHING TITLE 9, CHAPTER 912 CREATING AN AFFORDABLE HOUSING TRUST FUND THE CITY OF ROSEVILLE ORDAINS: SECTION 1: Title 9, Chapter 912 of the Roseville City Code is established to read as follows: CHAPTER 912 AFFORDABLE HOUSING TRUST FUND 912.1 ESTABLISHMENT OF TRUST FUND. A. Pursuant to Minnesota Statutes, Section 462C.16, the City of Roseville (the "City") is authorized to establish a local housing trust fund. B. The City has determined to create a local housing trust fund that is an Affordable Housing Trust Fund which will encourage the creation of affordable housing for rental housing and owner-occupied housing, promote the preservation of existing affordable housing and naturally occurring affordable housing, and provide rental assistance and homeownership assistance to persons of very low income, low income,and moderate income. 912.2 DEFINITIONS. A. "Persons of very low income"- means families and individuals whose incomes do not exceed 50 percent of area median income, as median income was most recently determined by the United States Department of Housing and Urban Development for the Minneapolis-St. Paul-Bloomington, Minnesota Metropolitan Statistical Area, as adjusted for smaller and larger families. B. "Persons of low income" means families and individuals whose incomes do not exceed 80 percent of the area median income, as median income was most recently determined by the United States Department of Housing and Urban Development for the Minneapolis-St. Paul-Bloomington, Minnesota Metropolitan Statistical Area, as adjusted for smaller and larger families. C. "Persons of moderate income" means families and individuals whose incomes exceed 80 percent, but do not exceed 120 percent, of area median income, as median income was most recently determined by the United States Department of RS 160\1\909991.v1