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household shall not be required to provide any payment . <br /> e . For projects utilizing the provision of on - site or off - site <br /> affordable dwelling units , no certificate for occupancy for a market <br /> rate priced dwelling unit shall be issued unless the ratio of market <br /> rate dwelling units certified for occupancy to affordable dwelling <br /> units certified for occupancy is equal to or greater than the <br /> overall project ' s approved ratio of market rate dwelling units to <br /> affordable dwelling units . <br /> f . Prior to the issuance of a certificate of occupancy for the <br /> affordable dwelling unit ( s ) , a separate private deed covenant , <br /> entitled a " restriction on transfer " , shall be filed in the public <br /> records of Indian River County . The covenant shall be subject to <br /> review and approval by county staff in order to verify compliance <br /> with the requirements of this section , and the covenant shall : <br /> i . Identify the subject unit as an affordable dwelling <br /> unit and specify that at no time may the identified <br /> unit be utilized as a model home , construction office <br /> or other non- residential occupancy use ; and <br /> ii . Identify the units corresponding fifteen or twenty year <br /> affordability timeframe ; and <br /> iii . Identify that the initial owner and each subsequent owner <br /> of an owner - occupied affordable dwelling unit must <br /> satisfy and comply with the re - sale provision of the <br /> county ' s local housing assistance plan ; and <br /> iv . Identify the Board of County Commissioners of Indian River <br /> County or its community development department or as its <br /> designee , as the agency with enforcement and verification <br /> authority to enforce the terms of the covenant , and as the <br /> contact agency for closing agents to obtain estoppel <br /> letters ; and <br /> V . Identify any additional terms or conditions relating to <br /> the provision of the affordable dwelling unit as <br /> established by the Board of County Commissioners via its <br /> review and approval of the corresponding planned <br /> development approval . <br /> vi . Specify that monitoring the occupancy of the affordable <br /> dwelling unit shall be included in the compliance <br /> monitoring activities of the county ' s local housing <br /> assistance program , or a suitable substitute determined <br /> by the Indian River County Board of County <br /> Commissioners . <br /> - <br /> vii . Specify that no provision of the restrictive covenant may <br /> be amended without the consent of the Board of County <br /> Commissioners of Indian River County . <br /> 3 . An applicant may obtain a development density bonus for a planned development <br /> project in compliance with one of the following options : <br /> a . An applicant may obtain a density bonus by providing affordable <br /> dwelling units within the residential development project that will <br /> utilize the density bonus . For development projects utilizing the <br /> on- site affordable dwelling unit density bonus , the affordable <br /> housing density bonus shall be determined as indicated in the <br /> following table : <br /> 40 <br />