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ORDINANCE NO, 98- 0 9 <br />d. With respect to owner -occupied affordable dwelling units provided under <br />oommmm <br />the provisions of the section: <br />L 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 any <br />subsequent owner shall be subject to one of the following <br />provisions: <br />a. If the purchasing household is not verified to be either a <br />very low, or low income household, then the selling <br />household shall be subject to Providingacash payment of <br />the original loan amount and applicable interest, to the <br />Indian River County Local Housing Assistance Trust Fund. <br />b. If the purchasing household is verified to be either a very <br />low, or low income household, then the selling household <br />shall not be required to provide my payment. <br />Le For projects utilizing the provision of on-site or off-site affordable <br />dwelling units, no certificate for occupancy for a market rate priced <br />dwelling unit shall be issued unless the ratio of market rate <br />dwelling units certified for occupancy to affordable dwelling units <br />certified for occupancy is equal to or greater than the overall <br />project's approved ratio of market rate dwelling units to affordable <br />dwelling units. <br />f. Prior to the issuance of a certificate of occupancy for the affordable <br />dwelling unit(s), a separate private deed covenant, entitled a <br />"restriction on transfer", shall be filed in the public records of <br />Indian River County. The covenant shall be subject to review and <br />approval by county staff in order to verify compliance with the <br />requirements of this section, and the covenant shall: <br />i. Identify the subject unit as an affordable dwelling unit and <br />specify that at no time may the identified unit be utilized as <br />a model home, construction office or other non-residential <br />occupancy use: and <br />ii. Identify the units corresponding fifteen or twenty year <br />affordability timeframe: and <br />ilia Identify that the initial owner and each subsequent owner of <br />an owner -occupied affordable dwelling unit must satisfy <br />and comply with the re -sale provision of the county's local <br />housing assistance plan: and <br />iv. Identify the Board of County Commissioners of Indian <br />River County or its community development department or <br />as its designee, as the agency with enforcement and <br />verification authority to enforce the terms of the covenant, <br />and as the contact agency for closing agents to obtain <br />estoppel letters, and <br />Coding: Words in strtice4mott type are deletions from existing law. Words underlined are <br />ommmm <br />additions. <br />19 <br />