Laserfiche WebLink
BOOK 9 7 F'A �c 3 41 <br />Housing Finance Agency (FHFA). Under that program, the <br />applicant is required to keep all of the units as affordable <br />for a 15 year period. The tax credit program's definition'of <br />affordable is consistent with the county's definition of" <br />affordable. <br />For rental projects, affordable is defined in the county's <br />LDRs as'a project having a monthly rental equal to .083 times <br />20% of the non -adjusted annual median family income for Indian <br />River County as established by the FHFA (approximately <br />$625/month). Satisfaction of the tax credit program <br />requirements will satisfy county affordable housing density <br />bonus requirements. Based on the proposed PD and the proposed <br />program participation, staff has determined that the applicant <br />meets county requirements for a 20% density bonus. To ensure <br />that these requirements will be met, the applicant will need <br />to provide the county with a letter from the state or federal <br />agency responsible for funding and monitoring the project. In <br />addition, the applicant will need to record a restrictive deed <br />covenant in the public records. The covenant will specify the <br />terms of the affordable housing approval, and will place any <br />prospective buyer of the project on notice as to the terms of <br />approval. <br />6. New Impervious Area: 357,656 sq. ft. or 50.7% of the site <br />7. Open Space: Required: 30.0% <br />Provided: 49.3% <br />8. 'Recreational Area: Required: 104,544 sq. ft. <br />Provided: 111,332 sq. ft. <br />Proposed recreation area includes a clubhouse, swimming pool, <br />playground, volleyball area, and walking paths. <br />9. Off -Street Parking: 2 spaces per unit <br />Required: 400 spaces <br />Provided: 406 spaces <br />10. Utilities: The proposed development will be serviced by <br />County Department of Utility Services for both water and <br />wastewater services. Connection to these services has been <br />approved by both the County Department of Utility Services and <br />Environmental Health Department. <br />11. Traffic: The project will be accessed from a proposed new <br />driveway on the north side of 8th Street. This proposed <br />driveway is directly across 8th Street from the existing <br />driveway for the Citrus Woods Apartments. Since 8th Street is <br />presently 3 laned, there is an existing left turn lane for the <br />project. The county traffic engineering division has reviewed <br />and approved the traffic impact analysis submitted with this <br />application. The approved analysis indicates that there are <br />no traffic related off-site improvements that need to be <br />constructed. Therefore, the proposed design has been approved <br />by traffic engineering. <br />Within the project, an internal road is proposed that will <br />loop through the site to provide access to various parking <br />areas that serve apartment buildings. The internal access <br />road will stub -out to the southwest portion of the site where <br />an emergency access point to 6th Avenue will be located. The <br />emergency access point will consist of a stabilized, driveable <br />accessway that will be -constructed and controlled in a manner <br />20 <br />FEBRUARY 20, 1996 <br />M M <br />M <br />