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applicants/buyers and qualify only those applicants whose incomes conform to SHIP approved low or very low income household criteria . 1 . 3 . The sale price of each original home to be built on any Lot shall not exceed 2 . 5 times the County ' s median household income ( Indian River County ' s current 2008 median household income is $ 57 , 000 . 00 ) . Applicant covenants to obtain from the County ' s Project Manager , or his designee , the new median income applicable to succeeding calendar years for the term of this Agreement . 1 . 4 . Each home built on a Lot must be sold to a very low or low income household , and be an owner occupied unit . These homes shall not be used as rental property . 1 . 5 . By April 1St of each year during the term of this Agreement , Applicant shall submit an annual report to the County Community Development Department indicating progress on utilization of the Lots . Once the homes are constructed , the annual report shall provide information on occupancy of the units and any changes to the unit ' s ownership . 1 . 6 . Applicant may encourage its applicants to apply for County SHIP or HOME program down payment/closing cost and impact fee loan assistance at SHIP /HOME application acceptance times as advertised by the County . Applicant may also utilize the County ' s SHIP applicant list to find clients for homes . 1 . 7 . All appropriate building permits must be obtained for construction of housing units on the Lots [each such Lot as improved with the residential dwelling herein referenced as " Property " ] , County agrees to use its best efforts to expedite the review and permitting of affordable housing units being built by Applicant . 1 . 8 . County shall convey each Lot to Applicant by Statutory County Deed containing covenants running with the land /deed restrictions to ensure that the Lots and each Property are permanently used for affordable housing , as such term is defined in Florida Statutes section 420 . 0004 ( 3 ) , including , without limiting the generality of the foregoing , a reversionary clause in favor of Indian River County as set forth herein . The sale and resale price of the Property must be " affordable " to the new Very - Low - Income or Low - Income ( as such terms are defined in Florida Statutes section 420 . 0004 ) purchaser . Therefore , the deed restrictions will also prohibit any Property from being sold : ( a ) at a price that causes the household ' s monthly housing cost ( principal , taxes , and insurance ) to exceed thirty percent ( 30 % ) of the annual Adjusted Gross Income for a household that is Very - Low - Income or Low- Income ( as such terms are defined in Florida Statutes section 420 . 0004 ) ; or ( b ) to a buyer who is not eligible due to his or her household income exceeding the thresholds set forth in Florida Statutes section 420 . 004 for Very - Low - Income or Low- Income households . The Applicant shall pay the costs of : ( a ) documentary stamps on the deed of conveyance , and ( b ) recording the deed of conveyance . 1 . 9 . Applicant may , but shall not be obligated to , I enter into a Shared Appreciation Agreement with purchasers of units to be built by Applicant on the Lots .