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3. Definitions and Descriptions Term Definition Blighted Structure A "Blighted Structure" shall be defined the same as an "Unsafe Structure" as defined within Indian River County's Chapter 403 ' Property Maintenance Code'. Such a structure is one that is found to be dangerous to the life, health, property or safety of the public or the occupants of the structure by not providing minimum safeguards to protect or warn occupants in the event of fire, or because such structure contains unsafe equipment oris so damaged decayed, dilapidated, structurally unsafe or of such faulty construction or unstable foundation, that partial or complete collapse is possible. Affordable Rents Affordable rents are defined as and shall not exceed the Fair Market Rents (FMR) published annually by the US Department of Housing and Urban Development for the Sebastian -Vero Beach, Florida Metropolitan Statistical Area (MSA). The current 2011 fair market rates are: Fair Market Rent $621 $750 $956 $1,190 $1,225 Term Definition Long -Term Affordability "Long -Term Affordability" is defined as the period of time for which the County will ensure NSP3 assisted housing units are able to be purchased and occupied by NSP3 eligible homebuyers. It is acknowledged that the County may use the HOME program standards found at 24CFR 92.252(e) for establishing Long -Term Affordability; however, the County has opted to use an alternate standard that is equal to or exceeds the HOME program standards. The following are the County's Long -Term Affordability standards. Amount of NSP Funds Invested in Property Required Affordability Period 15 Years Equal to or Greater than HOME Standard Greater Up to $15,000 $15,001 - $40,000 Over $40,000 15 Years 15 Years Greater Equal New Construction 20 Years Equal When NSP3 funds are used on properties for sale to income eligible NSP3 Abbreviated Action Plan Indian River County 2, Page 4