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ORDINANCE NO, 98- 0 9 <br />.- <br />.. <br />a WAR §8== &WAY, 1111111% <br />111 *A <br />III FOVAM IN ORA ISO WMVE&WATAZtIUJA-WMW%,Vl <br />- <br />.. .... <br />. - <br />. <br />. . gigglWaIlkyj <br />ILMTI Imwwm <br />Density bonus. <br />O Affordable housing. Residential developments may receive a density bonus not to exceed <br />twenty (20) percent of the density permitted by the applicable zoning district. <br />1. For the purpose of this section, an affordable dwelling unit shall be a dwelling <br />unit which: <br />a. Has a market value less than two (2) times the county's annual median <br />YYYYYY <br />household income for Indian River County as established by the Florida <br />Housing_ Finance Corporation: or <br />b. Has a monthly rent less than one -twelfth (1/12) times thirty (30) percent of <br />YYYYYYY <br />80% of the county's annual median household income for Indian River <br />County as established by the Florida Housing Finance Corporation, <br />2. Affordable dwelling units provided in compliance with this section, regardless of <br />whether or not the affordable dwelling units are part of a planned development <br />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 for a <br />period of not less than twenty (20) years commencing on the first <br />day following the issuance of a certificate of occupancy, or <br />equivalent final building inspection, for the unit. <br />ii. Renter -occupied units shall remain affordable dwelling units for a <br />period of not less than fifteen (15) years commencing on the first <br />day following the issuance of a certificate of occupancy, or <br />equivalent final building inspection, for the unit: <br />b. Initial occupancy of an owner -occupied affordable dwelling unit shall be <br />YYY <br />by a household classified as very low-income, low-income or moderate - <br />income whereby the classification is verified by the Indian River County <br />Community Development Department or an agency, either public or <br />private, designated by the community development department or by any <br />state or federal public agencies. <br />c. Households occupying an affordable housing rental unit shall be classified <br />as very low, low, or moderate -income households wherebythe <br />classification is verified by the Indian River County Community <br />Development Department, or its designee or by any state or federal public <br />agency, prior to the household's occupancy of the unit. While occupying <br />the affordable housing rental unit, a household's annual adjusted gross <br />income may increase to an amount not to exceed one hundred forty (140) <br />percent of one hundred twenty (120) percent of the county's median <br />household income adjusted for household size. <br />Coding: Words in strifte-thron type are deletions from existing law. Words underlined are <br />additions. <br />18 <br />