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M <br />(b) Land bank acquisitions shall result in <br />eligible housing for the following eligible <br />persons. <br />1. Very Low -Income Persons <br />c. Basic Award Terms <br />i. Maximum Monetary Award <br />The maximum monetary award for a land bank <br />acquisition expenditure shall not exceed <br />$10,000.00. <br />ii. Repayment Terms/Timeframe <br />Land bank acquisitions whereby ownership of the <br />subject property is transferred to an eligible <br />sponsor or person shall be classified as deferred <br />payment loans. Repayment of the effective loan <br />amount (the value of the property) and accrued <br />interest occurs at the time the parcel or lot and <br />its corresponding eligible housing unit is sold. <br />Eligible persons may make payments in advance, <br />without penalty, to be credited towards the <br />outstanding loan and accrued interest; however, <br />such advance repayment is not required. <br />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 />The interest rate for all equivalent land bank <br />loans granted under the IRCLHAProgram Land Bank <br />Acquisition Strategy shall be a three percent (3%) <br />annual percentage rate, compounded on an annual <br />basis. <br />iv. Affordable Classification Timeframe <br />Eligible housing utilizing assistance from the <br />IRCLHAProgram Land Bank Acquisition Strategy shall <br />be occupied by qualified eligible persons for the <br />duration of the outstanding equivalent land bank <br />acquisition loan. <br />Upon sale 'of the eligible housing unit by the <br />owner, repayment of the outstanding land bank loan <br />Rate <br />Interest <br />The interest rate for all equivalent land bank <br />loans granted under the IRCLHAProgram Land Bank <br />Acquisition Strategy shall be a three percent (3%) <br />annual percentage rate, compounded on an annual <br />basis. <br />iv. Affordable Classification Timeframe <br />Eligible housing utilizing assistance from the <br />IRCLHAProgram Land Bank Acquisition Strategy shall <br />be occupied by qualified eligible persons for the <br />duration of the outstanding equivalent land bank <br />acquisition loan. <br />Upon sale 'of the eligible housing unit by the <br />owner, repayment of the outstanding land bank loan <br />