On April 15, 1997 the Board of Commissioners of the Ogden City Redevelopment Agency established by Resolution a Housing Fund and adopted the following general guidelines for use by the Agency in budgeting and appropriating monies in the Housing Fund:

1. Use of the Housing Fund monies shall be determined and coordinated in conjunction with Ogden City's budgeting process.

2. Within the boundaries of Ogden City, the term "affordable housing" shall mean housing owned or occupied by persons and families of low or moderate income whose household earnings are 90% of the Area Median Income (AMI) or less as defined by the United States Department of Housing and Urban Development (HUD) for the Salt Lake City-Ogden, Utah FMSA or any successor agency approved by the Agency having responsibility to determine housing standards and adjusted for household size.

3. The Housing Fund shall primarily be used to: (a) help renovate owner and renter occupied units; (b) help increase the number of owner-occupied housing units; help rehabilitate vacant and/or boarded housing units; and (d) help in the development and construction of new attached or multi-family housing units in Ogden City. In selecting housing developments, the Agency

4. shall evaluate the likelihood of the housing development proceeding without the assistance of the Agency and the Housing Fund. The Agency shall primarily undertake those developments which are not likely to take place without public intervention or assistance, but are anticipated to be successful with such public intervention or assistance. The impact of the housing development on the neighborhood shall be considered in determining Agency assistance.

5. Housing developments receiving money from the Agency's Housing Fund shall consider both the issues of population density of housing development with lower population density developments preferred or given priority in establishing residential areas and a return to the Agency of the Agency's investment.

6. Where the Agency agrees to provide money from the Agency's Housing Fund, the Agency may, pursuant to the provisions of Section 17A-2-1288, Utah Code Annotated 1953, as amended, retain controls and establish restrictions and covenants running with the land for periods of time not to exceed 25 years from the date of the assistance to ensure that the Housing Fund monies are used for the purposes intended.