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v. Compliance Agreement and Security Instrument <br />Eligible housing units utilizing assistance from <br />the IRCLHAProgram Impact Fee Grant Strategy shall <br />be secured by a first mortgage in favor of Indian <br />River County. This first mortgage may be <br />subordinated to construction and/or permanent <br />mortgages applied to the same unit upon approval of <br />the IRCLHAProgram Review Committee. The first <br />mortgage shall serve as the eligible recipient's <br />contractual commitment to comply with the <br />requirements of the IRCLHAProgram. <br />2. Impact Fee Loans <br />a. Description <br />The IRCLHAProgram anticipates providing low-interest <br />loans for the payment of water, sewer and traffic impact <br />fees for housing units for qualified eligible persons or <br />sponsors. Funds for impact fee loans shall be <br />transferred directly to the appropriate impact fee <br />account corresponding to the eligible housing unit. <br />Loans may be provided in conjunction with the <br />construction of new homes, or in conjunction with <br />existing owner -occupied homes which must be connected to <br />public services. <br />For new homebuyers, the provision of such loans will <br />reduce the financial cost, as the loans will be deferred <br />and therefore eliminate the need to include impact fees <br />in the overall, up front, financing costs for a housing <br />unit. Such loans provided to pay impact fees to connect <br />existing housing units to public services will allow <br />owners to defer the payment of such fees until the time <br />the housing unit is sold, since the owner may be unable <br />to afford either making a lump sum payment of the fees, <br />or financing payment of the fees at current market rates <br />which currently exceed seven percent (7%). <br />The provision of Impact Fee Grants will primarily be <br />directed to the construction of new housing units. Impact <br />Fee Loans to existing homeowners may be provided only <br />when connection to public services is required under <br />state law or by the county in compliance with its <br />connection ordinance and comprehensive plan policy to <br />provide services to existing homes. However, when <br />existing homes are to be rehabilitated under the <br />Rehabilitation Loan Assistance Strategy described in Item <br />#5, the impact fee costs to connect the existing unit <br />should be included in the amount of the rehabilitation <br />