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the remaining IRCLHAProgram Assistance Strategies is unlikely. The acquired property shall be classified as a monetary asset of the IRCLHATF to be utilized as an equivalent loan to an eligible sponsor or person for the development of an eligible housing unit. Upon transfer of the acquired property to an eligible sponsor, the effective land bank loan shall be secured by a primary or first mortgage upon the subject property until the eligible sponsor obtains the construction and/or permanent loan financing for the development and construction of a housing unit. At the time the construction/permanent financing is provided for the housing unit, the land bank loan shall be subordinated to the construction/permanent mortgage. For the purposes of the IRCLHAProgram, funds expended for property acquisition under the Land Bank Market Purchase Assistance Strategy shall be classified as a homeownership expenditure, and an eligible housing unit must be constructed and certified for occupancy on the acquired property within one year of the closing transaction date. Failure to complete construction of and obtain a Certificate of Occupancy for a housing unit within one (1) year of the closing transaction date shall constitute grounds for foreclosure to obtain possession of the property which may be utilized as a land bank acquired property by the IRCLHAProgram. i. Geographic Area Parcels acquired through land bank acquisitions for the development of eligible housing units may be located anywhere in the County, including all municipalities located within the County. ii. Housing Unit Classification All housing units resulting from the IRCLHAProgram Land Bank Market Purchase Acquisition 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. b. Eligibility i. Geographic Area Parcels acquired through land bank acquisitions for the development of eligible housing units may be located anywhere in the County, including all municipalities located within the County. ii. Housing Unit Classification All housing units resulting from the IRCLHAProgram Land Bank Market Purchase Acquisition 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.