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e. For projects utilizing the provision of on-site or off-site <br />affordable dwelling units, no certificate for occupancy for a market <br />rate priced dwelling unit shall be issued unless the ratio of market <br />rate dwelling units certified for occupancy to affordable dwelling <br />units certified for occupancy is equal to or greater than the <br />overall project's approved ratio of market rate dwelling units to <br />affordable dwelling units. <br />f. Prior to the issuance of a certificate of occupancy for the <br />affordable dwelling unit(s), a separate private deed covenant, <br />entitled a "restriction on transfer", shall be filed in the public <br />records of Indian River County. The covenant shall be subject to <br />review and approval by county staff in order to verify compliance <br />with the requirements of this section, and the covenant shall: <br />i. Identify the subject unit as an affordable dwelling <br />unit and specify that at no time may the identified <br />unit be utilized as a model home, construction office <br />or other non-residential occupancy use; and <br />ii. Identify the units corresponding fifteen or twenty year <br />affordability timeframe; and <br />iii. Identify that the initial owner and each subsequent owner <br />of an owner -occupied affordable dwelling unit must <br />satisfy and comply with the re -sale provision of the <br />county's local 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 <br />covenant, and as the contact agency for closing agents <br />to obtain estoppel letters; and <br />v. Identify any additional terms or conditions relating to <br />the provision of the affordable dwelling unit as <br />established by the Board of County Commissioners via its <br />review and approval of the corresponding planned <br />development approval. <br />vi. Specify that monitoring the occupancy of the affordable <br />dwelling unit shall be included in the compliance <br />monitoring activities of the county's local housing <br />assistance program, or a suitable substitute determined <br />by the Indian River County Board of County <br />Commissioners. <br />vii. Specify that no provision of the restrictive covenant may <br />be amended without the consent of the Board of County <br />Commissioners of Indian River County. <br />3. An applicant may obtain a development density bonus for a planned development <br />project in compliance with one of the following options: <br />a. An applicant may obtain a density bonus by providing affordable <br />dwelling units within the residential development project that will <br />utilize the density bonus. For development projects utilizing the <br />on-site affordable dwelling unit density bonus, the affordable <br />housing density bonus shall be determined as indicated in the <br />following table: <br />39 <br />