3.40.060 Dedication of revenues collected.
At the close of each fiscal quarter, the city shall deposit construction tax revenues collected during that quarter in the city’s general fund. The city shall retain four percent of the total revenue collected as an administrative fee to pay for the costs of administering this chapter. The net revenues following the deduction of the administrative fee shall be distributed as follows:
A. The city shall establish an affordable housing fund. Thereafter:
1. Fifty percent of the net revenues from the residential construction excise tax shall be deposited in the affordable housing fund to pay for builder/developer incentives to construct affordable housing as set forth in ORS 197.309;
2. Thirty-five percent of the net revenue from the residential construction excise tax shall be deposited in the affordable housing fund to support the city’s affordable housing programs;
3. Fifty percent of the net revenues from the commercial construction excise tax shall be deposited in the affordable housing fund to support the city’s affordable housing programs; and
4. Fifty percent of the net revenues from the commercial construction excise tax is unallocated and will remain in the general fund.
B. Fifteen percent of the net revenues from the residential construction excise tax shall be remitted to the Oregon Department of Housing and Community Services to fund home ownership programs that provide down payment assistance.
C. All funds collected under this chapter are subject to the annual or biennial budget and appropriations process as established in state and local law. [Ord. 959 § 6, 2019.]