Laserfiche WebLink
v ' <br /> percent of the county's median household income <br /> adjusted for household size. <br /> d. With respect to owner-occupied affordable dwelling <br /> units provided under the provisions of the section: <br /> i. The owner-occupant's household annual adjusted <br /> gross median income may increase without limit <br /> following the household's purchase of the <br /> affordable dwelling unit; and <br /> ii. Resale of an affordable dwelling unit by the <br /> initial owner or any subsequent owner shall be <br /> subject to one of the following provisions: <br /> a. If the purchasing household is not <br /> verified to be either a very low, or low <br /> income household, then the selling <br /> household shall be subject to providing a <br /> cash payment of the original loan amount <br /> and applicable interest, to the Indian <br /> River County Local Housing Assistance <br /> Trust Fund. <br /> b. If the purchasing household is verified <br /> to be either a very low, or low income <br /> household, then the selling household <br /> shall not be required to provide any <br /> payment. <br /> e. For projects utilizing the provision of on- <br /> site or off-site affordable dwelling units, no <br /> certificate for occupancy for a market rate <br /> priced dwelling unit shall be issued unless <br /> the ratio of market rate dwelling units <br /> certified for occupancy to affordable dwelling <br /> units certified for occupancy is equal to or <br /> greater than the overall project's approved <br /> ratio of market rate dwelling units to <br /> affordable dwelling units. <br /> f. Prior to the issuance of a certificate of <br /> occupancy for the affordable dwelling unit(s) , <br /> a separate private deed covenant, entitled a <br /> "restriction on transfer", shall be filed in <br /> the public records of Indian River County. <br /> The covenant shall be subject to review and <br /> approval by county staff in order to verify <br /> compliance with the requirements of this <br /> section, and the covenant shall: <br /> 56 <br />