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three ( 3 ) year time frame is approved by the Indian River County Board of County <br /> Commissioners at a regularly scheduled meeting thereof. . <br /> 1 . 2 . With respect to the Lots , Applicant shall , consistent with SHIP program Rule 63 - 37 , <br /> Florida Administrative Code ( " F . A . C . " ) verify the income of all original and subsequent <br /> applicants/renters and qualify only those applicants/renters whose incomes conform to SHIP <br /> approved low- income or very- low- income household criteria . Applicant may use the County' s <br /> SHIP applicant list to find clients for rental units/homes . <br /> 1 . 3 . The rental amounts for each rental unit to be built on any Lot shall not exceed shall not <br /> exceed the maximum rent amount for Indian River County as identified in the most recent <br /> Rent Schedule by Number of Bedrooms in Unit published by the Florida Housing Finance <br /> Corporation ( " FHFC " ) . <br /> 1 . 4 . By April 1 st of each year during the term of this Agreement , Applicant shall submit an <br /> annual report to the County Community Development Department indicating progress on <br /> utilization of the Lots . Once the rental units/ homes are constructed and occupied , the <br /> annual report shall provide information as to the name of the tenant renting each unit ; the <br /> total number of household members occupying the unit ; the gross household income per <br /> rental unit ; and the amount of rent that is charged . <br /> 1 . 5 . All appropriate building permits must be obtained for construction of rental housing <br /> units on the Lots [ each such Lot as improved with the residential rental dwelling herein <br /> referenced as " Property "] . County agrees to use its best efforts to expedite the review and <br /> permitting of affordable housing rental units being built by Applicant . <br /> 1 . 6 . County shall convey each Lot to Applicant by Statutory County Deed containing <br /> covenants running with the land /deed restrictions to ensure that the Lots and each Property <br /> are permanently used for affordable rental housing , as such term is defined in Florida <br /> Statutes section 420 . 0004 ( 3 ) , including , without limiting the generality of the foregoing , a <br /> reversionary clause in favor of Indian River County as set forth herein . The deed restrictions <br /> will also prohibit any Property from being rented : ( a ) at a rent that causes the household ' s <br /> monthly housing costs to exceed thirty percent ( 30 % ) of the annual Adjusted Gross Income <br /> for a household that is Very- Low- Income or Low- Income ( as such terms are defined in <br /> Florida Statutes section 420 . 0004 ) ; or ( b ) to a renter who is not eligible due to his <br />or her <br /> household income exceeding the thresholds set forth in Florida Statutes section 420 . 004 for <br /> Very- Low- Income or Low- Income ( as such terms are defined in Florida Statutes section <br /> 420 . 0004 ) households . The Applicant acknowledges and agrees that the Lots are , by <br /> statute , intended to be used for the construction of permanent affordable rental housing and <br /> the deed restrictions may be released only by a written instrument in recordable form , as <br /> more specifically set forth in such deed . The Applicant shall pay the costs of: ( a ) <br /> documentary stamps on the deed of conveyance , and ( b ) recording the deed of conveyance . <br /> 1 . 7 . Applicant shall ensure that appropriately licensed persons , as applicable , constructor <br /> supervise the construction of the rental housing units built on the Lots . Applicant shall hold <br /> County harmless from any claim of lien filed under Chapter 713 , Florida Statutes by any <br /> contractor , subcontractor or any other person or entity performing work or supplying <br /> materials on behalf of Applicant . <br /> 1 . 8 . Applicant expressly acknowledges and agrees that : ( a ) it has inspected the Lots and <br /> accepts the same As Is , Where Is in the condition existing as of the Effective Date , together <br /> with all defects , latent and patent , if any ; ( b ) County has made no representations or <br /> warranties of any nature whatsoever regarding the Lots , including , without limitation , title , the <br /> physical conditions of the Lots ; any improvements located thereon ; the availability of utilities ; <br /> 2 <br />