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C.The allowance of flexibility in densities for <br />affordable housing. <br />Within Indian River County, the future land use map and zoning district designations <br />establish a maximum density or intensity for all properties. Overall, density is an <br />important factor in forming the character of a community and the preferred lifestyle of its <br />residents. While higher densities may result in lower housing costs, higher across the <br />board densities do not always translate into lower housing prices. Consequently, the <br />preferred method for reducing housing costs through increased density is to provide <br />affordable housing density bonuses associated with affordable housing projects. <br />Currently, Housing Policy 2.5 and LDR Section 911.14(4) provide affordable housing <br />projects an up to a 20% density bonus over the maximum density established by the <br />underlying land use designation. <br />Currently, Housing Element Policy 2.5 and Section 911.14(4) of the LDRs provide for <br />affordable housing density bonuses. Section 971.41(9) of the LDRs provides for small lot <br />subdivisions for affordable housing. <br />POLICY 2.5: The County shall maintain its affordable housing density bonus provision for planned <br />development projects, allowing eligible affordable housing projects with a market value of affordable <br />housing units not to exceed 2 1/2 times the county's median income, to receive up to a 20% density <br />bonus based on the following table. <br />Very Low <br />Income <br />(VL1) and <br />Low Income <br />(LI) <br />Affordable <br />Units <br />as <br />Percentage <br />of <br />Project's <br />Total Units <br />Density <br />Bonus <br />(Percent <br />increase <br />in <br />allowable <br />units). <br />Additional Density Bonus for Providing Additional Buffer <br />and Landscaping based on one of the following options <br />(percent increase in allowable units) <br />Range of Possible <br />Density Bonus <br />Percentage <br />(Percent increase in <br />allowable units) <br />Option I <br />Option II <br />Material equal to a 20' <br />wide Type C buffer* with 6' <br />opaque feature along <br />residential district <br />boundaries and 4' opaque <br />feature along roadways <br />Material equal to a 25' <br />wide Type B buffer* with 6' <br />opaque feature along <br />residential district <br />boundaries and 4' opaque <br />feature along roadways <br />More than <br />30% <br />10% <br />5% or <br />10% <br />10-20% <br />*Buffer types are identified in Chapter 926 of the county's Land Development <br />Regulations <br />The county's current median income is $54,700.00. <br />F:\Community Development\SHIP\AHAC\AHAC 2014\AHAC 2014 report.doc <br />9 <br />54 <br />