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a. Has a market value less than two (2) times the <br />(� county's annual median household income for Indian <br />River County as established by the Florida Housing <br />Finance Corporation; or <br />b. Has a monthly rent less than one -twelfth (1/12) <br />times thirty (30) percent of 80% of the county's <br />annual median household income for Indian River <br />County as established by the Florida Housing <br />Finance Corporation. <br />5. Affordable dwelling units provided in compliance with <br />this section, regardless of whether or not the affordable <br />dwelling units are part of a planned development project, <br />shall comply with the following requirements: <br />a. The affordable dwelling unit shall remain available <br />as an affordable dwelling unit for the following <br />periods: <br />i. Owner -occupied units shall remain affordable <br />dwelling units for a period of not less than <br />twenty (20) years commencing on the first day <br />following the issuance of a certificate of <br />occupancy, or equivalent final building <br />inspection, for the unit. <br />ii. Renter -occupied units shall remain affordable <br />dwelling units for a period of not less than <br />fifteen (15) years commencing on the first day <br />following the issuance of a certificate of <br />occupancy, or equivalent final building <br />inspection, for the unit; <br />b. Initial occupancy of an owner -occupied affordable <br />dwelling unit shall be by a household classified as <br />very low-income, low-income or moderate -income <br />whereby the classification is verified by the <br />Indian River County Community Development <br />Department or an agency, either public or private, <br />designated by the community development department <br />or by any state or federal public agencies. <br />C. Households occupying an affordable housing rental <br />unit shall be classified as very low, low, or <br />moderate -income households whereby the <br />classification is verified by the Indian River <br />County Community Development Department, or its <br />designee or by any state or federal public agency, <br />prior to the household's occupancy of the unit. <br />While occupying the affordable housing rental unit, <br />a household's annual adjusted gross income may <br />increase to an amount not to exceed one hundred <br />forty (140) percent of one hundred twenty (120) <br />53 <br />