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V <br />Eligible persons may make payments in advance, <br />without penalty, to be credited towards the <br />outstanding loan and accrued interest; however, <br />such advance repayment is not required. <br />When the eligible housing. unit is sold, the <br />eligible person owning the unit shall be subject to <br />the funds recapture provisions listed in Section <br />III.D.8. of this Plan. <br />Interest Rate <br />The interest rate for all loans granted under the <br />IRCLHAProgram Impact Fee Loan Strategy shall be a <br />three percent (3%) annual percentage rate, <br />compounded on an annual basis. <br />iv. Affordable Classification Timeframe <br />Eligible housing utilizing assistance from the <br />IRCLHAProgram Impact Fee Loan Strategy shall be <br />occupied by the qualified eligible persons owning <br />the housing unit for the duration of the <br />outstanding impact fee loan. <br />Upon sale of the eligible housing unit by the <br />owner, repayment of the outstanding loan amount and <br />accrued interest shall be required and the <br />affordability timeframe requirement terminated. <br />v. Compliance Agreement and Security Instrument <br />Eligible housing units utilizing assistance from <br />the IRCLHAProgram Impact Fee Loan Strategy shall be <br />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 />3. Downpayment/Closing Cost Loans <br />a. Description <br />The IRCLHAProgram anticipates providing low-interest <br />loans to eligible persons for downpayments and/or the <br />payment of closing costs encountered for the purpose of <br />acquiring an eligible housing unit. <br />