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d. With respect to owner -occupied affordable dwelling units provided under the <br />provisions of the section: <br />i. The owner -occupant's household annual adjusted gross median income may <br />increase without limit following the household's purchase of the affordable <br />dwelling unit; and <br />ii. Resale of an affordable dwelling unit by the initial owner or any subsequent <br />owner shall be subject to one of the following provisions: <br />(a) If the purchasing household is not verified to be either a very low, or <br />low income household, then the selling household shall be subject to <br />providing a cash payment of the original loan amount and applicable <br />interest, to the Indian River County Local Housing Assistance Trust <br />Fund. <br />(b) If the purchasing household is verified to be either a very low, or low <br />income household, then the selling household shall not be required to <br />provide any payment. <br />e. For projects utilizing the provision of on-site or off-site affordable dwelling units, no <br />certificate for occupancy for a market rate priced dwelling unit shall be issued unless <br />the ratio of market rate dwelling units certified for occupancy to affordable dwelling <br />units certified for occupancy is equal to or greater than the overall project's approved <br />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), <br />a separate private deed covenant, entitled a "restriction on transfer", shall be filed in <br />the public records of Indian River County. The covenant shall be subject to review <br />and approval by county staff in order to verify compliance with the requirements of <br />this section, and the covenant shall: <br />i. Identify the subject unit as an affordable dwelling unit and specify that at <br />no time may the identified unit be utilized as a model home, construction <br />office or other non-residential occupancy use; and <br />ii. Identify the units corresponding fifteen or twenty year affordability <br />timeframe; and <br />iii. Identify that the initial owner and each subsequent owner of an owner - <br />occupied affordable dwelling unit must satisfy and comply with the re- <br />sale provision of the county's local housing assistance plan; and <br />iv. Identify the Board of County Commissioners of Indian River County or its <br />community development department or as its designee, as the agency with <br />0' 37 <br />