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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-twefh (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 (1 S) <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 />b. If the purchasing household is verified to be either a very low, or low income household, then the <br />selling household shall not be required to provide any payment. <br />Attachment 1 <br />