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v ' <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 /> 4. 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 /> 55 <br />