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e. For projects utilizing the provision of on-site or off-site affordable dwelling units, no certificate for <br />occupancy for a market rate priced dwelling unit shall be issued unless the ratio of market rate dwelling <br />units certified for occupancy to affordable dwelling units certfied for occupancy is equal to or greater than <br />the overall project's approved ratio of market rate dwelling units to affordable dwelling units. <br />f. Prior to the issuance of a certificate of occupancy for the affordable dwelling unit(s), a separate private <br />deed covenant, entitled a "restriction on transfer, " shall be filed in the public records of Indian River <br />County. The covenant shall be subject to review and approval by county staff in order to verb compliance <br />with the requirements of this section, and the covenant shall: <br />i. Idents the subject unit as an affordable dwelling unit and speck that at no time may the identified unit <br />be utilized as a model home, construction office or other non-residential occupancy use; and <br />ii. Idents the units corresponding fifteen- or twenty-year affordability timeframe; and <br />iii. Idents that the initial owner and each subsequent owner of an owner -occupied affordable dwelling <br />unit must satisfy and comply with the re -sale provision of the county's local housing assistance plan; and <br />iv. Idents the Board of County Commissioners of Indian River County or its community development <br />department or as its designee, as the agency with enforcement and verification authority to enforce the <br />terms of the covenant, and as the contact agency for closing agents to obtain estoppel letters; and <br />v. Idents any additional terms or conditions relating to the provision of the affordable dwelling unit as <br />established by the Board of County Commissioners via its review and approval of the corresponding <br />planned development approval. <br />vi. Speck that monitoring the occupancy of the affordable dwelling unit shall be included in the <br />compliance monitoring activities of the county's local housing assistance program, or a suitable substitute <br />determined by the Indian River County Board of County Commissioners. <br />vii. Speck that no provision of the restrictive covenant may be amended without the consent of the Board <br />of County Commissioners of Indian River County. <br />3. An applicant may obtain a development density bonus for a planned development project in compliance <br />with one of the following options: <br />a. An applicant may obtain a density bonus by providing affordable dwelling units within the residential <br />development project which will utilize the density bonus. For development projects utilizing the on-site <br />affordable dwelling unit density bonus, the affordable housing density bonus shall be determined as <br />indicated in the following table: <br />Very Low <br />Income <br />Density <br />(VLI) and Low <br />Income <br />Bonus <br />(Percent <br />Additional Density Bonus for Providing <br />Range of Possible Density <br />(LI) Affordable <br />increase <br />Additional Buffer and Landscaping based on <br />Bonus Percentage (Percent <br />Units <br />in <br />one of the following options (percent increase <br />increase in allowable <br />as <br />Percentage of <br />allowable <br />in allowable units) <br />units) <br />Project's Total <br />units). <br />Units <br />Option I <br />Option 11 <br />Material equal to <br />a 20' wide Type <br />Material equal to a 10' <br />B buffer* with 6' <br />wide Type C buffer* with <br />opaque feature <br />6' opaque feature along <br />along residential <br />residential district <br />district <br />boundaries and 4' opaque <br />boundaries and <br />feature along roadways <br />4' opaque feature <br />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 Regulations <br />b. An applicant may obtain a density bonus by providing affordable dwelling units off-site from the <br />residential development project which will utilize the density bonus. For development projects utilizing the <br />Attachment 1 <br />