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Section 17- Proposal for Resale During Affordability Period <br />This Development Team anticipates utilizing all subsidies and programs that may be <br />available for down payment assistance for first time homebuyers. To that end, this <br />Team's proposal includes a fifteen (15) year affordability period on each of the units <br />developed under this project. The proposed affordability period goes beyond what <br />is reflected as a "minimum" period in the RFP but is consistent with the required <br />affordability period from Florida Housing and other funding sources across the state. <br />If the original buyer(s) sells their unit before the affordability period is fulfilled, this <br />team proposes that any equity realized on the property be shared between the <br />homeowner and Indian River County. Without knowing the specific funding source <br />for down payment assistance, it is impossible to propose a schedule for repayment <br />of those sources. Notwithstanding, the following shared equity schedule is proposed: <br />0-5 years: full repayment of down payment assistance (to funding source) + <br />100% of appreciation (to Indian River County) <br />5-10 years: 50% of down payment assistance (to funding source) + 50% of <br />appreciation (to Indian River County) <br />10-15 years: 25% of down payment assistance (to funding source) + 25% of <br />appreciation (to Indian River County) <br />Consistent with the general subdivision requirements, housing units developed under <br />this project shall be owner occupied. Rental of the proposed single-family residential <br />units is prohibited. Once established, the HOA by-laws will reflect this restriction. <br />146 <br />