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Attachment 1 Section 911.14(4) of the LDRs, Density Bonus. Residential developments may receive a density bonus not to exceed twenty (20) percent of the density permitted by the applicable zoning district. Affordable dwelling units provided in compliance with this section, regardless of whether or not the affordable dwelling units are part of a planned development project, shall comply with the requirements of the Indian River County Land Development Regulations Section 911.14 and Section 971.41(9). (3) Density. (a) The maximum density of residential communities shall be established by the density of the underlying land use designation. (b) Residential communities within commercial or industrial land uses shall have a maximum density of eight (8) dwelling units per acre. I No residential community shall exceed the maximum permitted density as stated in (a) or (b) above unless a density bonus meeting the provisions of section 911.14(4) is approved as part of planned development. (4) Density bonus. (a) Affordable housing. Residential developments may receive a density bonus not to exceed twenty (20) percent of the density permitted by the applicable zoning district. 1. For the purpose of this section, an affordable dwelling unit shall be a dwelling unit which: a. Has a market value less than two (2) times the county's annual median household income for Indian River County as established by the Florida Housing Finance Corporation; or b. Has a monthly rent less than one -twelfth (1/12) times thirty (30) percent of eighty (80) percent of the county's annual median household income for Indian River County as established by the Florida Housing Finance Corporation. 2. Affordable dwelling units provided in compliance with this section, regardless of whether or not the affordable dwelling units are part of a planned development project, shall comply with the following requirements: a. The affordable dwelling unit shall remain available as an affordable dwelling unit for the following periods: i. Owner -occupied units shall remain affordable dwelling units for a period of not less than twenty (20) years commencing on the first day following the issuance of a certificate of occupancy, or equivalent final building inspection, for the unit. ii. Renter -occupied units shall remain affordable dwelling units for a period of not less than fifteen (15) years commencing on the first day following the issuance of a certificate of occupancy, or equivalent final building inspection, for the unit; b. Initial occupancy of an owner -occupied affordable dwelling unit shall be by a household classified as very low-income, low-income or moderate -income whereby the classification is verified by the Indian River County Community Development Department or an agency, either public or private, designated by the community development department or by any state or federal public agencies. c. Households occupying an affordable housing rental unit shall be classified as very low, low, or moderate -income households whereby the classification is verified by the Indian River County Community Development Department, or its designee or by any state or federal public agency, prior to the household's occupancy of the unit. While occupying the affordable housing rental unit, a household's annual adjusted gross income may increase to an amount not to exceed one hundred forty (140) percent of one hundred twenty (120) percent of the county's median household income adjusted for household size. d. With respect to owner -occupied affordable dwelling units provided under the provisions of the section: i. The owner -occupant's household annual adjusted gross median income may increase without limit following the household's purchase of the affordable dwelling unit; and ii. Resale of an affordable dwelling unit by the initial owner or any subsequent owner shall be subject to one of the following provisions: a. If the purchasing household is not verified to be either a very low, or low income household, then the selling household shall be subject to providing a cash payment of the original loan amount and applicable interest, to the Indian River County Local Housing Assistance Trust Fund. F\Community Development\SHIP\AHAC\AHAC 2014\AHAC 2014 report.doc 36 81