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D . Land Acquisition Loans a . Summary of the Strategy : To assist very low or low- income households for the acquisition of vacant residential lot for the purpose of building an eligible housing unit . b . Fiscal Years Covered : FY 2006 - 2007 , FY 2007 - 2008 , FY 2008 - 2009 c . Income Categories to be served : • Very Low- Income Persons ( between 31 - 50 % of median income ) • Low- Income Persons ( between 51 - 80 % of median income ) d . Maximum award : The maximum monetary award for a land acquisition loan shall not exceed $ 50 , 000 . 00 per lot within existing subdivisions . e . Terms , Recapture , Default : Land acquisition loans to individual eligible recipients are deferred payment loans whereby repayment of the entire loan amount is required at the time the parcel / lot and it ' s corresponding eligible housing unit is sold or occupied by someone other than the original loan recipient . Recaptured funds will be deposited in the county ' s affordable housing trust fund . Eligible persons may repay the entire amount of the loan at any time . Housing units assisted with a Land Acquisition loan must be built and a Certificate of Occupancy must be issued within 24 months of the close of the applicable State Fiscal Year . f . Recipient Selection Criteria : Applications will be reviewed based on a first come first reviewed basis , and applicants will be chosen per the following criteria • Income Eligibility • Employment Verification • Asset Verification - - • Homebuyer Status • Credit Verification g . Additional Information : i . Geographic Area Land Acquisition loans may be made anywhere in the County , including all municipalities located within the County . ii . Housing Unit Classification All housing units shall be owner - occupied . iii . Land Acquisition loans can be given in combination with downpayment / closing cost loans 15