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a household's annual adjusted gross income may <br />increase to an amount not to exceed one <br />hundred forty percent (140%) of one hundred <br />twenty percent (120%) of area median income <br />adjusted for household size.); <br />d. With respect to owner -occupied affordable <br />dwelling units provided under the provisions <br />of the section. <br />i. The owner -occupant's household annual <br />adjusted gross income may increase <br />without limit following the household's <br />purchase of the affordable dwelling unit; <br />and <br />ii. Resale of an affordable dwelling unit by <br />the initial owner or any subsequent owner <br />within the 20 year timeframe, as <br />identified in subsection (4)(a)2.a.1., <br />shall be subject to one of the following <br />provisions: <br />a. If the purchasing household is not <br />verified to be either a very low-, <br />low-, or moderate -income household <br />(subsection (4)(a)2.c.), then the <br />selling household shall be subject <br />to providing a cash payment, <br />entitled a windfall elimination <br />penalty, to the Indian River County <br />Local Housing Assistance Trust Fund. <br />The windfall elimination penalty <br />shall be calculated by applying the <br />windfall recapture provisions of the <br />county's Local Housing Assistance <br />Program. <br />b. If the purchasing household is <br />verified to be either a very low-, <br />low-, or moderate -income household <br />(subsection (4)(a)2.c.), then the <br />selling household shall not be <br />required to provide a windfall <br />elimination penalty payment. <br />e. For projects utilizing the provision of on- <br />site or off-site affordable dwelling units, no <br />Certificate for occupancy for a market rate <br />priced dwelling unit shall be issued unless <br />the ratio of market rate dwelling units <br />Certified for Occupancy to affordable dwelling <br />units Certified for Occupancy is equal to or <br />greater than the overall project's approved <br />ratio of market rate dwelling units to <br />affordable dwelling units. <br />f. Prior to the issuance of a Certificate of <br />Occupancy for the affordable dwelling unit(s), <br />a separate private deed covenant, entitled a <br />"Restriction on Transfer", shall be filed in <br />the Public Records of Indian River County. <br />The covenant shall be subject to review and <br />approval by county staff in order to -verify <br />compliance with the requirements of this <br />section, and the covenant shall. <br />Coding: Words in In-• • type are deletions from existing law. <br />Words underlined are additions. <br />10 <br />