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(1) Revenues from the construction excise tax will be allocated to fund programs, incentives, and services related to the housing of households earning 100 percent of area medium income and below, and in accordance with state law.

(2) Up to 4 percent of the taxes collected may be retained by the city for payment toward the city’s administrative expenses related to collection and distribution of the construction excise tax.

(Section 3.738 added by Ordinance No. 20609, enacted April 8, 2019, effective May 11, 2019.)