Laserfiche WebLink
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 Land Acquisition Loan Strategy shall <br />be a 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 Land Acquisition Loan Strategy shall <br />be occupied by qualified eligible persons for the <br />duration of the outstanding land acquisition 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 Land Acquisition Loan Strategy <br />shall be secured by a first mortgage in favor of <br />Indian 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 />5. Rehabilitation Loans <br />a. Description <br />The IRCLHAProgram anticipates providing low-interest <br />loans to eligible sponsors or persons to fund all or a <br />portion of the cost encountered in rehabilitating <br />existing or acquired housing units eligible for occupancy <br />by eligible persons. <br />The funds for rehabilitation loans of less than $2,500.00 <br />shall be delivered upon completion of all rehabilitation <br />work and a satisfactory final inspection by the <br />corresponding jurisdictional Building Department that all <br />