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II. DZFXXXTIONS <br /> A1.1 definitions and terms provided in Rule 9I-37.002, Florida <br /> Administrative Code (FAC) , and the State Housing Initiatives <br /> Partnership Program Rules, as amended, shall apply to the <br /> terms used in this Plan. <br /> For those definitions and terms not addressed in Rule 92- <br /> 37.002, FAC, the following definitions shall apply: <br /> 1. Affordable Housing: Housing occupied by a household <br /> paying housing expenses which do not exceed 30% of the <br /> household's gross income. Where a first mortgage lender <br /> is satisfied that the household can afford mortgage <br /> payments that exceed the 30% benchmark, such housing may <br /> be considered affordable. Monthly housing cost for <br /> owner-occupied housing shall include mortgage principal <br /> and interest, taxes, and insurance. Monthly housing cost <br /> for renter-occupied housing shall include contract rent. <br /> However, it is not the intent to limit a household's <br /> ability to devote more than 30% of its income for <br /> housing. Programs and policies of this Plan with regard <br /> to affordable housing shall be limited to those <br /> households in the very low-(less than 50% of median <br /> income) , low (51-80% of median) and lower half of the <br /> moderate- (81-100% of median) income groups. <br /> 2. Annual Operating Report (IRCLHAPAOR, AOR) s The annual <br /> summary and review report analyzing and listing the <br /> accomplishments of the Indian River County Local Housing <br /> Assistance Program. <br /> 3. Assistance Strategy (Strategy): A method utilized by the <br /> Indian River County Local Housing Assistance Program to <br /> provide assistance to eligible sponsors in order to <br /> encourage the provision of eligible housing for eligible <br /> persons in Indian River County. <br /> 4. Draw(s) : A partial payment of a larger, cumulative sum <br /> of funds. <br /> 5. Zncumiber Funds (Encumbrance of Funds): The process of <br /> committing available funds allocated through the Indian <br /> River County Local Housing Assistance Program to an <br /> eligible sponsor by execution of a formal contract for <br /> the purchase or rehabilitation of a housing unit. <br /> 6. Housing Code Inspection: An inspection of an existing or <br /> rehabilitated housing unit by a Building Department <br /> Inspector(s) or other authorized inspector(s) , whereby <br /> 4 <br />