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Comprehensive Plan Housing Element <br />INTRODUCTION <br />Along with water, sewer, roads, bridges, and schools, housing is an important component of a <br />community's infrastructure. As such, local governments have a responsibility to ensure that the <br />housing system meets the needs of its residents. <br />Unlike most infrastructure components, however, housing is provided primarily by the private <br />sector. Even though the private sector constructs most housing units, local governments have a <br />responsibility to ensure that the local housing market functions effectively and that the housing <br />needs of the community are met. By so doing, local governments can enhance economic <br />development and maintain quality of life. <br />In 1968, the federal government established the national housing goal of "a decent home and a <br />suitable living environment for every American family". Since then, that goal has been the guiding <br />force for local government housing policy. <br />DEFINITIONS <br />The following definitions are provided for terms used in the housing element. <br />Affordable Housing - Housing occupied by a household paying not more than 30% of its gross <br />income for housing cost. Such cost for owner -occupied housing includes mortgage principal, <br />interest, taxes, and insurance. Housing cost for renter -occupied housing includes contract rent. <br />Affordable Housing Dwelling Unit <br />A housing unit that has a market value less than: <br />two and a half times the county's annual median household income; or <br />A housing unit that has a monthly rent less than: <br />one twelfth (1/12) times 30% of 80% of the county's annual median household income <br />Affordable Housing Project - A project that contains at least 60% affordable housing dwelling <br />units. <br />Household - All persons, collectively, who occupy a housing unit as their usual place of residence. <br />Median - A value in an ordered set of values, below and above which there is an equal number of <br />values. <br />Municipalities - This term includes the following incorporated places within Indian River County: <br />1 <br />Community Development Department Indian River County <br />