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ORDINANCE 2006- 024 <br />C. The Urban Service Area boundary buffer and wall variation <br />requirements of Chapter 913 shall apply to small lot single-family <br />subdivisions. <br />-78. Minimum building setbacks as specified in 971.41(9)(b)3. and 4. above, shall <br />be depicted as a residential building envelope on the preliminary,, plat. <br />Language shall be noted on the final plat to the effect that specially -approved <br />setbacks are in effect on the lots. <br />9. Workforce or Affordable Housing <br />In exchange for lot size and setback reductions, small lot single-family <br />subdivision proiects shall meet the following workforce or affordable <br />housing criteria: <br />A. All dwelling unit sales and rent prices shall be restricted for a <br />period of at least 10 years from the date of the unit's first sale <br />(closing). <br />1. The initial sales price of a small lot subdivision housing unit <br />shall not exceed 3 1/2 X (3.5 times) the Indian River County <br />annual median household income. Over the 10 -year <br />restriction period. the sales price may be increased 3% per <br />ear (compounded annuall <br />2. Where a small lot subdivision housing unit is rented, the <br />monthly rental price shall not exceed the Indian River County <br />maximum rent by unit type for moderate income as published <br />by the Florida Housing Finance Corporation. <br />B. As an option to and in lieu of criterion "A" above, an applicant <br />may propose an alternative to the resale price and appreciation <br />restriction. Any such alternative must ensure that small lot <br />subdivision housing units remain affordable for at least 10 years. <br />An alternative to the sales price restriction shall be structured as <br />a deed restriction which shall apply to lots created by the small lot <br />subdivision process. The draftrestriction shall be submitted in <br />coniunction with the small lot subdivision preliminary plat <br />application and shall: <br />Identifv the proposed method of ensuring affordabilitv <br />which may include <br />- Rent/price resale restriction <br />- Buver income qualification <br />- Shared equity process <br />- Other <br />Bold Underline: Additions to Ordinance <br />Strike flffE) gl+ Deleted Text from Existing Ordinance <br />FACommunity Development\Users\CurDev\ORDINANCE\2006\2006- 971.41(9) small lot.RTF <br />