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1 . For the purpose of this section , an affordable dwelling <br /> unit shall be a dwelling unit which : <br /> a . Has a market value less than three ( 3 ) times the county ' s annual <br /> median household income for Indian River County as established by <br /> the Florida Housing Finance Corporation ; or <br /> b . Has a monthly rent that meet Indian River County rent restriction as <br /> established by the Florida Housing Finance Corporation . <br /> 2 . Affordable dwelling units provided in compliance with this section , <br /> regardless of whether or not the affordable dwelling units are part of a <br /> planned development project , shall comply with the following requirements : <br /> a . The affordable dwelling unit shall remain available as an affordable <br /> dwelling unit for the following periods : <br /> i . Owner - occupied units shall remain affordable dwelling units <br /> for a period of not less than twenty ( 20 ) years commencing on <br /> the first day following the issuance of a certificate of <br /> occupancy , or equivalent final building inspection , for the <br /> unit . <br /> ii . Renter - occupied units shall remain affordable dwelling units <br /> for a period of not less than fifteen ( 15 ) years commencing <br /> on the first day following the issuance of a certificate of <br /> occupancy , or equivalent final building inspection , for the <br /> unit . <br /> b . Initial occupancy of an owner - occupied affordable dwelling unit <br /> shall be by a household classified as very low- income , low- income or <br /> moderate - income whereby the classification is verified by the Indian <br /> River County Community Development Department or an agency , either <br /> public or private , designated by the community development <br /> department or by any state or federal public agencies . <br /> C . Households occupying an affordable housing rental unit shall be <br /> classified as very low , low , or moderate - income households whereby <br /> the classification is verified by the Indian River County Community <br /> Development Department , or its designee or by any state or federal <br /> public agency , prior to the household ' s occupancy of the unit . <br /> While occupying the affordable housing rental unit , a household ' s <br /> annual adjusted gross income may increase to an amount not to exceed <br /> one hundred forty ( 140 ) percent of one hundred twenty ( 120 ) percent <br /> of the county ' s median household income adjusted for household size . <br /> d . With respect to owner- occupied affordable dwelling units provided <br /> under the provisions of the section : <br /> i . The owner - occupant ' s household annual adjusted gross median <br /> income may increase without limit following the household ' s <br /> purchase of the affordable dwelling unit ; and <br /> ii . Resale of an affordable dwelling unit by the initial owner or <br /> any subsequent owner shall be subject to one of the following <br /> provisions : <br /> ( a ) If the purchasing household is not verified to be either <br /> a very low , or low income household , then the selling <br /> household shall be subject to providing a cash payment <br /> of the original loan amount and applicable interest , to <br /> the Indian River County Local Housing Assistance Trust <br /> Fund . <br /> ( b ) if the purchasing household is verified to be either a <br /> very low , or low income household , then the selling <br /> 39 <br />