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c . Basic Award Terms <br /> i . Maximum Monetary Award <br /> The maximum monetary award for a rehabilitation <br /> grant shall not exceed $20, 000 . 00 per each eligible <br /> single-family housing unit . Rehabilitation grants <br /> for multiple family structures shall be limited to <br /> a maximum monetary award of $100, 000 for 3 or more <br /> unit multi-family rental building owned and managed <br /> by a non-profit organization. <br /> ii . Repayment Terms/Timeframe <br /> The repayment of funds awarded as a rehabilitation <br /> grant is not required, except in cases where the <br /> assisted housing unit is sold prior to <br /> termination of the unit' s affordable classification <br /> timeframe (10 years) . In cases where the unit is <br /> sold, the entire original grant amount must be paid <br /> back at the time of resale of the unit. <br /> iii . Interest Rate <br /> There will be no applicable interest rate for <br /> rehabilitation grants <br /> iv. Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Rehabilitation Grant Strategy Program <br /> shall be occupied by the same qualified eligible <br /> household who received the assistance for a period <br /> of not less than ten years (10) years . Any multi- <br /> family rental building rehabilitated with SHIP <br /> funds provided pursuant to this strategy must be <br /> owned and managed by the same non-profit <br /> organization which receives the original assistance <br /> for ten (10) years . <br /> V. Compliance Agreement and Security Instrument <br /> The county' s rehabilitation grant shall be secured <br /> by a mortgage in favor of Indian River County. <br /> This mortgage shall serve as the eligible <br /> recipient's contractural commitment to comply with <br /> the requirements of the IRCLHAProgram. This <br /> mortgage will be satisfied after termination of the <br /> unit' s affordable classification timeframe (10 <br /> years) . <br /> 7 . Land Bank - Market Purchase <br /> a. Description <br /> The Indian River County, through the Board of County <br /> Commissioners and the IRCLHAProgram, may acquire vacant <br /> 30 <br />