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Section 911.14(4) of the LDRs, Density Bonus <br />(a) Affordable housing. Residential developments may receive a density bonus not to exceed twenty <br />(20) percent of the density permitted by the applicable zoning district. <br />1. For the purpose of this section, an affordable dwelling <br />unit shall be a dwelling unit which: <br />a. Has a market value less than two and half (2 '''A) times the county's annual median <br />household income for Indian River County as established by the Florida Housing <br />Finance Corporation; or <br />b. Has a monthly rent that meet Indian River County rent restriction as established by the <br />Florida Housing Finance Corporation. <br />2. Affordable dwelling units provided in compliance with this section, regardless of whether or <br />not the affordable dwelling units are part of a planned development project, shall comply with <br />the following requirements: <br />a. The affordable dwelling unit shall remain available as an affordable dwelling unit for <br />the following periods: <br />Owner -occupied units shall remain affordable dwelling units for a period of <br />not less than twenty (20) years commencing on the first day following the <br />issuance of a certificate of occupancy, or equivalent final building inspection, <br />for the unit. <br />ii. Renter -occupied units shall remain affordable dwelling units for a period of <br />not less than fifteen (15) years commencing on the first day following the <br />issuance of a certificate of occupancy, or equivalent final building inspection, <br />for the unit. <br />b. Initial occupancy of an owner -occupied affordable dwelling unit shall be by a <br />household classified as very low-income, low-income or moderate -income whereby <br />the classification is verified by the Indian River County Community Development <br />Department or an agency, either public or private, designated by the community <br />development department or by any state or federal public agencies. <br />c. Households occupying an affordable housing rental unit shall be classified as very <br />low, low, or moderate -income households whereby the classification is verified by the <br />Indian River County Community Development Department, or its designee or by any <br />state or federal public agency, prior to the household's occupancy of the unit. While <br />occupying the affordable housing rental unit, a household's annual adjusted gross <br />income may increase to an amount not to exceed one hundred forty (140) percent of <br />one hundred twenty (120) percent of the county's median household income adjusted <br />for household size. <br />if. 36 <br />