2003-026 - Laserfiche WebLink

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1. If the purchasing household is not verified to be either a very low, or low income household, then the selling household shall be subject to providing a cash payment of the original loan amount and applicable interest, to the Indian River County Local Housing Assistance Trust Fund. 2. If the purchasing household is verified to be either a very low, or low income household, then the selling household shall not be required to provide any payment. 5. For projects utilizing the provision of on- site or off-site affordable dwelling units, no certificate for occupancy for a market rate priced dwelling unit shall be issued .unless the ratio of market rate dwelling units certified for occupancy to affordable dwelling units certified for occupancy is equal to or greater than the overall project's approved ratio of market rate dwelling units to affordable dwelling units. 6. Prior to the issuance of a certificate of occupancy for the affordable dwelling unit(s), a separate private deed covenant, entitled a "restriction on transfer", shall be filed in the public records of Indian River County. The covenant shall be subject to review and approval by county staff in order to verify compliance .with the requirements of this section, and the covenant shall: 1. Identify the subject unit as an affordable dwelling unit and specify that at no time may the identified unit be utilized as a model home, construction office or other non-residential occupancy use; and 2. Identify the units corresponding fifteen or twenty year affordability timeframe; and 3. Identify that the initial owner and each subsequent owner of an owner -occupied affordable dwelling unit must satisfy and comply with the re -sale provision of the county's local housing assistance plan; and