A. A county board of supervisors, by resolution, may establish a county housing trust fund for the purposes prescribed in this section that is administered by a housing trust fund board comprised of five members appointed by the board of supervisors, or the board of supervisors acting as the housing trust fund board.

B. The fund shall consist of:

1. Monies appropriated by a county board of supervisors to the fund.

2. Any private, federal, state or local government grants, gifts, appropriations and monies designated by law for deposit in the fund.

3. Investment earnings of the fund.

C. On recommendation of the housing trust fund board and approval of the board of supervisors, fund monies shall be used for projects and programs that provide affordable housing opportunities for low income households as determined by the United States department of housing and urban development. Eligible projects and programs include development of affordable rental housing, property developed for sale to low income buyers and rent-to-own programs.

D. In recommending and approving the expenditure of monies from the fund, the housing trust fund board and the board of supervisors shall give priority to funding projects that provide for operating, constructing or renovating facilities for housing for low income families and that provide housing and shelter to families that have children.

E. The housing trust fund board shall report twice each year to the board of supervisors on the status of the housing trust fund. The report shall include a summary of facilities for which funding was provided during the preceding fiscal year, showing the cost of each facility and the number of individuals benefiting from the operation, construction or renovation of the facility. The report shall be submitted to the board of supervisors by September 1 and April 1 of each year.

F. Monies in the housing trust fund shall be accounted for separately from other monies of the county.