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Attachment 1 <br /> Section 911.14(4)of the LDRs,Density Bonus. <br /> Residential developments may receive a density bonus not to exceed twenty (20) percent of the density <br /> permitted by the applicable zoning district. Affordable dwelling units provided in compliance with this <br /> section, regardless of whether or not the affordable dwelling units are part of a planned development <br /> project, shall comply with the requirements of the Indian River County Land Development Regulations <br /> Section 911.14 and Section 971.41(9). <br /> (3) Density. <br /> (a) The maximum density of residential communities shall be established by the density of the underlying <br /> land use designation. <br /> (b) Residential communities within commercial or industrial land uses shall have a maximum density of <br /> eight(8)dwelling units per acre. <br /> I No residential community shall exceed the maximum permitted density as stated in (a) or (b) above <br /> unless a density bonus meeting the provisions of section 911.14(4) is approved as part of planned <br /> development. <br /> (4) Density bonus. <br /> (a) Affordable housing. Residential developments may receive a density bonus not to exceed twenty (20) <br /> percent of the density permitted by the applicable zoning district. <br /> 1. For the purpose of this section, an affordable dwelling unit shall be a dwelling unit which: <br /> a. Has a market value less than two (2) times the county's annual median household income for Indian <br /> River County as established by the Florida Housing Finance Corporation; or <br /> b. Has a monthly rent less than one-twelfth (1/12) times thirty (30)percent of eighty (80)percent of the <br /> county's annual median household income for Indian River County as established by the Florida Housing <br /> Finance Corporation. <br /> 2. Affordable dwelling units provided in compliance with this section, regardless of whether or not the <br /> affordable dwelling units are part of a planned development project, shall comply with the following <br /> requirements: <br /> a. The affordable dwelling unit shall remain available as an affordable dwelling unit for the following <br /> periods: <br /> i. Owner-occupied units shall remain affordable dwelling units for a period of not less than twenty (20) <br /> years commencing on the first day following the issuance of a certificate of occupancy, or equivalent final <br /> building inspection,for the unit. <br /> ii. Renter-occupied units shall remain affordable dwelling units for a period of not less than fifteen (15) <br /> years commencing on the first day following the issuance of a certificate of occupancy, or equivalent final <br /> building inspection,for the unit; <br /> b. Initial occupancy of an owner-occupied affordable dwelling unit shall be by a household classified as <br /> very low-income, low-income or moderate-income whereby the classification is verified by the Indian River <br /> County Community Development Department or an agency, either public or private, designated by the <br /> community development department or by any state or federal public agencies. <br /> c. Households occupying an affordable housing rental unit shall be classified as very low, low, or <br /> moderate-income households whereby the classification is verified by the Indian River County Community <br /> Development Department, or its designee or by any state or federal public agency,prior to the household's <br /> occupancy of the unit. While occupying the affordable housing rental unit, a household's annual adjusted <br /> gross income may increase to an amount not to exceed one hundred forty (140) percent of one hundred <br /> twenty(120)percent of the county's median household income adjusted for household size. <br /> d With respect to owner-occupied affordable dwelling units provided under the provisions of the section: <br /> i. The owner-occupant's household annual adjusted gross median income may increase without limit <br /> following the household's purchase of the affordable dwelling unit; and <br /> ii. Resale of an affordable dwelling unit by the initial owner or any subsequent owner shall be subject to <br /> one of the following provisions: <br /> a. If the purchasing household is not verified to be either a very low, or low income household, then the <br /> selling household shall be subject to providing a cash payment of the original loan amount and applicable <br /> interest, to the Indian River County Local Housing Assistance Trust Fund. <br /> F:\Community Development\SHIP\AHAC-Affordable Housing Advisory Committee(AHAC)\AHAC 2017\AHAC 2017 3 6 <br /> report.doc <br />