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II . DEFINITIONS <br /> All definitions and terms provided in Rule 67 - 37 . 002 , Florida <br /> Administrative Code ( FAC ) , and the State Housing Initiatives <br /> Partnership Program Rules , as amended , shall apply to the <br /> terms used in this Plan . <br /> For those definitions and terms not addressed in Rule 67 - <br /> 37 . 002 , FAC , the following definitions shall apply : <br /> 1 . Affordable Housing : Housing occupied by a household <br /> paying housing expenses which do not exceed 300 of the <br /> household ' s gross income . Where a first mortgage lender <br /> is satisfied that the household can afford mortgage <br /> payments that exceed the 30o benchmark , such housing may <br /> be considered affordable . Monthly housing cost for <br /> owner - occupied housing shall include mortgage principal <br /> and interest , taxes , and insurance . Monthly housing cost <br /> for renter - occupied housing shall include contract rent . <br /> However , it is not the intent to limit a household ' s <br /> ability to devote more than 300 of its income for <br /> housing . Programs and policies of this Plan with regard <br /> to affordable housing shall be limited to those <br /> households in the very low - ( less than 500 of median <br /> income ) , low ( 51 - 800 of median ) and the moderate - ( 81 - <br /> 1200 of median ) income groups . <br /> 2 . Annual Report ( IRCLHAPAR , AR ) : The annual summary and <br /> review report analyzing and listing the accomplishments <br /> of the Indian River County Local Housing Assistance <br /> Program , <br /> 3 . Assistance Strategy ( Strategy ) : A method utilized by the <br /> Indian River County Local Housing Assistance Program to <br /> provide assistance to eligible sponsors in order to <br /> encourage the provision of eligible housing for eligible <br /> persons in Indian River County , <br /> 4 . Draw ( s ) : A partial payment of a larger , cumulative sum <br /> of funds . <br /> 5 . Encumber Funds ( Encumbrance of Funds ) : The process of <br /> committing available funds allocated through the Indian <br /> River County Local Housing Assistance Program Loan Review <br /> Committee to an eligible household or an eligible sponsor <br /> by approving and setting aside funds for the purchase or <br /> rehabilitation of a housing unit . <br /> 6 . Housing Code Inspection : An inspection of an existing or <br /> rehabilitated housing unit by a Building Department <br /> Inspector ( s ) or other authorized inspector ( s ) , whereby <br /> compliance of the unit with current building and safety <br /> code standards is evaluated . <br /> 4 <br />