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rehabilitation loans for multiple family structures <br />shall also be limited to a maximum monetary award <br />of $40,000.00 regardless of the number of units <br />available in the structure. <br />Rehabilitation loans shall be deferred payment <br />loans, whereby repayment of the loan amount and <br />accrued interest occurs as follows: <br />(a) Owner -occupied single-family homes: The loan <br />amount and accrued interest shall be repaid at the <br />time the eligible housing unit is sold. <br />(b) Non -owner -occupied single family homes and <br />multiple -family structures: Repayment of the full <br />rehabilitation loan amount and accrued interest <br />shall be required fifteen (15) years following the <br />date of issuance of the loan. <br />Eligible sponsors or persons may make payments in <br />advance, without penalty, to be credited towards <br />the outstanding loan and accrued interest; <br />however, such advance repayment is not required. <br />When the eligible housing unit is sold, the <br />eligible sponsor or person owning the unit shall be <br />subject to the funds recapture provisions listed in <br />Section III.D.8. of this Plan. <br />Interest Rate <br />The interest rate for all loans granted under the <br />IRCLHAProgram Rehabilitation Loan Strategy shall be <br />a three percent (3%) annual percentage rate, <br />compounded on an annual basis. <br />Terms/Timeframe <br />ii. <br />Repayment <br />Rehabilitation loans shall be deferred payment <br />loans, whereby repayment of the loan amount and <br />accrued interest occurs as follows: <br />(a) Owner -occupied single-family homes: The loan <br />amount and accrued interest shall be repaid at the <br />time the eligible housing unit is sold. <br />(b) Non -owner -occupied single family homes and <br />multiple -family structures: Repayment of the full <br />rehabilitation loan amount and accrued interest <br />shall be required fifteen (15) years following the <br />date of issuance of the loan. <br />Eligible sponsors or persons may make payments in <br />advance, without penalty, to be credited towards <br />the outstanding loan and accrued interest; <br />however, such advance repayment is not required. <br />When the eligible housing unit is sold, the <br />eligible sponsor or person owning the unit shall be <br />subject to the funds recapture provisions listed in <br />Section III.D.8. of this Plan. <br />Interest Rate <br />The interest rate for all loans granted under the <br />IRCLHAProgram Rehabilitation Loan Strategy shall be <br />a three percent (3%) annual percentage rate, <br />compounded on an annual basis. <br />Eligible housing utilizing assistance from the <br />IRCLHAProgram Rehabilitation Loan Strategy, shall <br />be occupied by qualified eligible persons in <br />compliance with the following methods: <br />(a) For owner -occupied single-family housing <br />units: The unit shall be occupied by the qualified <br />eligible person(s) for the duration of the <br />outstanding rehabilitation loan. <br />(b) For rental single-family housing units, and <br />multiple -family housing units: The unit shall be <br />Classification <br />Timeframe <br />IV. <br />Affordable <br />Eligible housing utilizing assistance from the <br />IRCLHAProgram Rehabilitation Loan Strategy, shall <br />be occupied by qualified eligible persons in <br />compliance with the following methods: <br />(a) For owner -occupied single-family housing <br />units: The unit shall be occupied by the qualified <br />eligible person(s) for the duration of the <br />outstanding rehabilitation loan. <br />(b) For rental single-family housing units, and <br />multiple -family housing units: The unit shall be <br />