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1. For the purpose of this section, an affordable dwelling <br />unit shall be a dwelling unit which: <br />a. Has a market value less than three (3) times the county's annual <br />median household income for Indian River County as established by <br />the Florida Housing Finance Corporation; or <br />b. Has a monthly rent that meet Indian River County rent restriction as <br />established by the Florida Housing Finance Corporation. <br />2. Affordable dwelling units provided in compliance with this section, <br />regardless of whether or not the affordable dwelling units are part of a <br />planned development 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 <br />for a period of not less than twenty (20) years commencing on <br />the first day following the issuance of a certificate of <br />occupancy, or equivalent final building inspection, for the <br />unit. <br />ii. Renter -occupied units shall remain affordable dwelling units <br />for a period of not less than fifteen (15) years commencing <br />on the first day following the issuance of a certificate of <br />occupancy, or equivalent final building inspection, for the <br />unit. <br />b. Initial occupancy of an owner -occupied affordable dwelling unit <br />shall be by a household classified as very low-income, low-income or <br />moderate -income whereby the classification is verified by the Indian <br />River County Community Development Department or an agency, either <br />public or private, designated by the community development <br />department or by any state or federal public agencies. <br />c. Households occupying an affordable housing rental unit shall be <br />classified as very low, low, or moderate -income households whereby <br />the classification is verified by the Indian River County Community <br />Development Department, or its designee or by any state or federal <br />public agency, prior to the household's occupancy of the unit. <br />While occupying the affordable housing rental unit, a household's <br />annual adjusted gross income may increase to an amount not to exceed <br />one hundred forty (140) percent of one hundred twenty (120) percent <br />of the county's median household income adjusted for household size. <br />d. With respect to owner -occupied affordable dwelling units provided <br />under the provisions of the section: <br />i The owner -occupant's household annual adjusted grossmedian <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 <br />any subsequent owner shall be subject to one of the following <br />provisions: <br />(a) If the purchasing household is not verified to be either <br />a very low, or low income household, then the selling <br />household shall be subject to providing a cash payment <br />of the original loan amount and applicable interest, to <br />the Indian River County Local Housing Assistance Trust <br />Fund. <br />(b) If the purchasing household is verifiedto be either a <br />very low, or low income household, then the selling <br />household shall not be required to provide any payment. <br />38 <br />