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shall comply with the following requirements : <br /> 1 . The affordable dwelling unit shall remain available <br /> as an affordable dwelling unit for the following <br /> periods : <br /> 1 . Owner - occupied units shall remain affordable <br /> dwelling units fora period of not less than <br /> twenty ( 20 ) years commencing on the first day <br /> following the issuance of a certificate of <br /> occupancy , or equivalent final building <br /> inspection , for the unit . <br /> 2 . Renter - occupied units shall remain affordable <br /> dwelling units for a period of not less than <br /> fifteen ( 15 ) years commencing on the first day <br /> following the issuance of a certificate of <br /> occupancy , or equivalent final building <br /> inspection , for the unit ; <br /> 2 . Initial occupancy of an owner - occupied affordable <br /> dwelling unit shall be by a household classified as <br /> very low - income , low - income or moderate - income <br /> whereby the classification is verified by the <br /> Indian River County Community Development <br /> Department or an agency , either public or private , <br /> designated by the community development department <br /> or by any state or federal public agencies . <br /> 3 . Households occupying an affordable housing rental <br /> unit shall be classified as very low , low , or <br /> moderate - income households whereby the <br /> classification is verified by the Indian River <br /> County Community Development Department , or its <br /> designee or by any state or federal public agency , <br /> prior to the household ' s occupancy of the unit . <br /> While occupying the affordable housing rental unit , <br /> a household ' s annual adjusted gross income may <br /> increase to an amount not to exceed one hundred <br /> forty ( 140 ) percent of one hundred twenty ( 120 ) <br /> percent of the county ' s median household income <br /> adjusted for household size . <br /> 4 . With respect to owner - occupied affordable dwelling <br /> units provided under the provisions of the section : <br /> 1 . The owner - occupant ' s household annual adjusted <br /> gross median income may increase without limit <br /> following the household ' s purchase of the <br /> affordable dwelling unit ; and <br /> 2 . Resale of an affordable dwelling unit by the <br /> initial owner or any subsequent owner shall be <br /> subject to one of the following provisions : <br /> 68 <br />