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3. Definitions and Descriptions <br />Term Definition <br />Blighted Structure A "Blighted Structure" shall be defined the same as an "Unsafe Structure" as <br />defined within Indian River County's Chapter 403 "Property Maintenance <br />Code". Such a structure is one that is found to be dangerous to the life, <br />health, property or safety of the public or the occupants of the structure by <br />not providing minimum safeguards to protect or warn occupants in the event <br />of fire, or because such structure contains unsafe equipment or is so <br />damaged, decayed, dilapidated, structurally unsafe or of such faulty <br />construction or unstable foundation, that partial or complete collapse is <br />possible. <br />Affordable Rents <br />Affordable rents are defined as and shall not exceed the Fair Market Rents <br />(FMR) published annually by the US Department of Housing and Urban <br />Development for the Sebastian -Vero Beach, Florida Metropolitan Statistical <br />Area (MSA). <br />The current 2011 fair market rates are: <br />Fair Market Rent � $621 ($750 � $956 � $1,190 $1,225 <br />Term Definition <br />Long -Term Affordability <br />"Long -Term Affordability" is defined as the period of time for which the <br />County will ensure NSP3 assisted housing units are able to be purchased <br />and occupied by NSP3 eligible homebuyers. <br />It is acknowledged that the County may use the HOME program standards <br />found at 24CFR 92.252(e) for establishing Long -Term Affordability; <br />however, the County has opted to use an alternate standard that is equal <br />to or exceeds the HOME program standards. <br />The following are the County's Long -Term Affordability standards. <br />.......................................... <br />When NSP3 funds are used on properties for sale to income eligible <br />Amount of NSP Funds Required Affordability Equal to or Greater <br />Invested in Property Period than HOME Standard <br />Up to $151 <br />NSP3 Abbreviated Action Plan <br />Indian River County -2A-1 7.�„?= Page <br />000 <br />15 Years <br />Greater <br />_ <br />$15,001 - $40,000 <br />15 Years <br />Greater <br />Over $40,000 <br />15 Years <br />Equal <br />New Construction <br />20 Years <br />Equal <br />NSP3 Abbreviated Action Plan <br />Indian River County -2A-1 7.�„?= Page <br />