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ORDINANCE 93- 29 <br />For the purposes of this section, Ilan affordable <br />dwelling unit shall be a dwelling unit which: <br />a. Has a market value less than two 2 times <br />ei hty 80 percent of the <br />hOLIsehold inconie of non -adjusted annual median <br />family income for Indian River County as <br />established by the Florida Housing_Finance <br />A enc ; or <br />non -adjusted annual median family income for <br />Indian River County as established by the <br />Florida Housing Finance A enc <br />Affordable dwelling units provided in compliance <br />with this section, regardless of whether or not the <br />affordable dwelling units are part of a Planned <br />Development project, shall comply with the <br />following requirements: <br />a. The affordable dwelling unit(s) shall remain <br />available as affordable dwelling unit(s) for <br />the following periods: <br />i. Owner -occupied units shall remain <br />affordable dwelling units for a period of <br />not less than 20 years commencing on the <br />first day following the issuance of a <br />Certificate of Occupancy, or equivalent <br />final building inspection, for the unit. <br />ii. Renter -occupied units shall remain <br />affordable dwelling units for a period of <br />not less than 15 years commencing on the <br />first day following the issuance of a <br />Certificate of occupancy, or equivalent <br />final building inspection, for the unit; <br />Initial <br />affordab <br />ied <br />a <br />household classified as very-iow income, iow- <br />income or moderate -income whereby the <br />classification is verified by the Indian River <br />County Community Development Department or an <br />agency, either public or private, designated <br />by the Community Development Department. <br />Subsequent owners of the owner -occupied <br />affordable dwelling unit shall not be required <br />to be classified as very low-, low- or <br />moderate -income (Reference subsection <br />911.14 4 a 2.d. <br />c. Households occupying an affordable housing <br />rental unit shall be classified as very <br />low-, low-, or moderate -income households <br />whereby the classification is verified by the <br />Indian River County_ Community Development <br />Department, or its designee, prior to the <br />household's occupancy of the unit. While <br />occupying the affordable housing rental unit, <br />Coding: Words in . • • type are deletions from existing law. <br />Words underlined are additions. <br />9 <br />