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II. DEFINITIONS <br />All definitions and terms provided in Rule 67-37.002, Florida <br />Administrative Code (FAC), and.the State Housing Initiatives <br />Partnership Program Rules, as amended, shall apply to the <br />terms used in this Plan. <br />For those definitions and terms not addressed in Rule 67- <br />37.002, FAC, the following definitions shall apply: <br />1. Affordable Housing: Housing occupied by a household <br />paying housing expenses which do not exceed 300 of the <br />household's gross income. Where a first mortgage lender <br />is satisfied that the household can afford mortgage <br />payments that exceed the 30% benchmark, such housing may <br />be considered affordable. Monthly housing cost for <br />owner -occupied housing shall include mortgage principal <br />and interest, taxes, and insurance. Monthly housing cost <br />for renter -occupied housing shall include contract rent. <br />However, it is not the intent to limit a household's <br />ability to devote more than 30% of its income for <br />housing. Programs and policies of this Plan with regard <br />to affordable housing shall be limited to those <br />households in the very low -(less than 500 of median <br />income), low (51-80% of median) and the moderate- (81- <br />120% of median) income groups. <br />2. Annual Report (IRCLHAPAR, AR): The annual summary and <br />review report analyzing and listing the accomplishments <br />of the Indian River County Local Housing Assistance <br />Program. <br />3. Assistance Strategy (Strategy): A method utilized by the <br />Indian River County Local Housing Assistance Program to <br />provide assistance to eligible sponsors in order to <br />encourage the provision of eligible housing for eligible <br />persons in Indian River County. <br />4. Draw(s): A partial payment of a larger, cumulative sum <br />of funds. <br />5. Encumber Funds (Encumbrance of Funds): The process of <br />committing available funds allocated through the Indian <br />River County Local Housing Assistance Program Loan Review <br />Committee to an eligible household or an eligible sponsor <br />by approving and setting aside funds for the purchase or <br />rehabilitation of a housing unit. <br />6. Housing Code Inspection: An inspection of an existing or <br />rehabilitated housing unit by a Building Department <br />Inspectors) or other authorized inspector (s), whereby <br />compliance of the unit with current building and safety <br />code standards is evaluated. <br />V <br />