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i. Geographic Area Land acquisition loans may be made for eligible housing units located anywhere in the County, including all municipalities located within the County. ii. Housing Unit Classification All housing units utilizing assistance from the IRCLHAProgram Land Acquisition Loan Strategy shall be owner -occupied single-family residences, or single-family residences occupied by a future owner acquiring the unit via a lease -purchase agreement with a lease period of less than two (2) years. Applicant Classification (a) Land acquisition loans may be awarded for eligible housing to be provided by the following eligible sponsors: 1. Non-profit Organizations (b) Land acquisition loans shall result in eligible housing for the following eligible persons. i. Very Low -Income Persons c. Basic Award Terms i. Maximum Monetary Award The maximum monetary award for a land acquisition loan shall not exceed $10,000.00. ii. Repayment Terms/Timeframe Land acquisition loans shall be deferred payment loans, whereby repayment of the loan amount and accrued interest occurs at the time the parcel/lot and its corresponding eligible housing unit is sold. Eligible persons may make payments in advance, without penalty, to be credited towards the outstanding loan and accrued interest; however, such advance repayment is not required. b. Eligibility i. Geographic Area Land acquisition loans may be made for eligible housing units located anywhere in the County, including all municipalities located within the County. ii. Housing Unit Classification All housing units utilizing assistance from the IRCLHAProgram Land Acquisition Loan Strategy shall be owner -occupied single-family residences, or single-family residences occupied by a future owner acquiring the unit via a lease -purchase agreement with a lease period of less than two (2) years. Applicant Classification (a) Land acquisition loans may be awarded for eligible housing to be provided by the following eligible sponsors: 1. Non-profit Organizations (b) Land acquisition loans shall result in eligible housing for the following eligible persons. i. Very Low -Income Persons c. Basic Award Terms i. Maximum Monetary Award The maximum monetary award for a land acquisition loan shall not exceed $10,000.00. ii. Repayment Terms/Timeframe Land acquisition loans shall be deferred payment loans, whereby repayment of the loan amount and accrued interest occurs at the time the parcel/lot and its corresponding eligible housing unit is sold. Eligible persons may make payments in advance, without penalty, to be credited towards the outstanding loan and accrued interest; however, such advance repayment is not required.