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iv. Affordable Classification Timeframe Eligible housing utilizing assistance from the IRCLHAProgram Land Bank Market Purchase Strategy shall be occupied by qualified eligible persons for the duration of the outstanding equivalent land bank acquisition loan. Upon sale of the eligible housing unit by the owner, repayment of the outstanding land bank loan amount and accrued interest shall be required and the affordability timeframe requirement terminated. v. Compliance Agreement and Security Instrument Eligible housing units utilizing assistance from the IRCLHAProgram Land Bank Market Purchase Strategy shall be secured by a first mortgage in favor of Indian River County. This first mortgage may be subordinated to construction and/or permanent mortgages applied to the same unit upon approval of the IRCLHAProgram Review Committee. The first mortgage shall serve as the eligible recipient's contractual commitment to comply with the requirements of the IRCLHAProgram. 7. Land Bank - Tax Deed Purchase a. Description The Indian River County, through the Board of County Commissioners and the IRCLHAProgram, may acquire vacant parcels or lots by purchasing the properties via Tax Deed Auction for the purpose of providing sites for the development of eligible housing units by eligible sponsors for eligible persons. The funds for acquisition shall be delivered at the time of tax deed sale, whereby the transaction transferring ownership of the parcel or lot to the county is completed. This Tax Deed Purchase Strategy may be considered a strategy of "last resort", whereby it may be utilized in the event unexpended or encumbered funds for the IRCLHAProgram are available and expenditure through 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.