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� s <br />ORDINANCE NO. 93-13 <br />F. All housing units provided or assisted by the Indian River <br />County Local Housing Assistance Program shall comply with the <br />following criteria: <br />(1) The sales price of new or existing eligible housing units <br />shall not exceed ninety (90) percent of the median area <br />purchase price for the area where the eligible housing is <br />located. The ninety (90) percent limit price shall be <br />established by the United States Department of Treasury <br />in accordance with Section 3(b) 2 of the United State <br />Housing Act of 1937; <br />(2) The amount of monthly mortgage payments or the amount of <br />monthly rents charged in order to occupy or purchase the <br />housing unit must be affordable to eligible persons <br />occupying the housing unit; <br />(3) Loans for housing units from the Indian River County <br />Local Housing Assistance Trust Fund shall be provided for <br />periods not exceeding thirty (30) years; however, <br />deferred payment soft -second loans or loans that extend <br />beyond thirty (30) years may be provided with the <br />condition that each housing unit financed in either <br />manner must be occupied by eligible persons for the same <br />period of time as the extended loan period. <br />(4) Owner -occupied housing constructed, rehabilitated, or <br />otherwise assisted from proceeds provided from the Indian <br />River County Local Housing Assistance Program shall be <br />subject to subsidy recapture provisions which are <br />identical to those specified in Section 143(m) of the <br />Internal Revenue Code of 1986. The funds obtained <br />through these recapture provisions shall be redeposited <br />into the Indian River County Local Housing Assistance <br />Trust Fund for redistribution by the Indian River County <br />Local Housing Assistance Program. <br />59 <br />APR 6 1993 Boa 89 PA't?56 <br />J <br />