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c. Basic Award Terms <br />i. Maximum Monetary Award <br />The maximum monetary award for an impact fee grant <br />shall not exceed $71500.00 or the total cost of <br />applicable impact fees for the eligible housing <br />unit, whichever is less. <br />ii. Repayment Terms/Timeframe <br />The repayment of funds awarded as an impact fee <br />grant is not required, except in cases whereby the <br />eligible housing unit is sold to non -eligible <br />persons prior- to termination of the unit's <br />affordable classification timeframe. In cases <br />where the unit is sold to a non -eligible person, <br />resale of the unit shall require repayment of the <br />original grant amount and accrued interest on the <br />original grant amount. Furthermore, any sale of <br />the unit shall be subject to the funds recapture <br />provisions listed in Section III.D.8. of this Plan <br />Interest Rate <br />There is no applicable interest rate for impact fee <br />grants, except in cases whereby the housing unit is <br />sold to a non -eligible person prior to termination <br />of the unit's affordable classification timeframe. <br />In such cases where the unit is sold to a non - <br />eligible person prior to termination of the housing <br />unit's affordable classification timeframe, the <br />impact fee grant funds provided for the unit are <br />subject to a three percent (3%) annual interest <br />rate, compounded on an annual basis. <br />Eligible housing utilizing assistance from the <br />IRCLHAProgram Impact Fee Grant Strategy shall be <br />owner -occupied by qualified eligible persons for <br />the following periods: <br />1. For existing housing units: The unit <br />shall be occupied by a qualified eligible <br />person for a period of not less than <br />twenty (20) years. <br />2. For new housing units: The unit shall be <br />occupied by a qualified eligible person <br />for a period of not less than twenty-five <br />(25) years. <br />Timeframe <br />iv. <br />Affordable <br />Classification <br />Eligible housing utilizing assistance from the <br />IRCLHAProgram Impact Fee Grant Strategy shall be <br />owner -occupied by qualified eligible persons for <br />the following periods: <br />1. For existing housing units: The unit <br />shall be occupied by a qualified eligible <br />person for a period of not less than <br />twenty (20) years. <br />2. For new housing units: The unit shall be <br />occupied by a qualified eligible person <br />for a period of not less than twenty-five <br />(25) years. <br />