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4. Moderate -Income Eligible Persons <br />(b) Impact fee/capacity charge loans shall result <br />in eligible housing for the following eligible <br />persons: <br />1. Very Low -Income Persons <br />2. Low -Income Persons <br />3. Moderate -Income Persons <br />c. Basic Award Terms <br />i. Maximum Monetary Award <br />The maximum monetary award for an impact <br />fee/capacity charge loan shall not exceed $7,500.00 <br />per unit or the total cost of applicable impact <br />fees and capacity charges for the eligible housing <br />unit, whichever is less.. <br />ii. Repayment Terms/Timeframe <br />Impact fee loans are deferred payment loans whereby <br />repayment of the entire loan amount occurs at the <br />time that the eligible housing unit is sold or if <br />the assisted unit is occupied by someone other than <br />the original loan recipient. <br />Recaptured funds will.be deposited in the county's <br />affordable housing trust fund. <br />Eligible persons may pay back the entire amount of <br />the loan at any time. <br />iii. Interest Rate <br />There will be no interest ,rate for impact <br />fee/capacity charge loans. <br />iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAP-rogram Impact Fee/Capacity Loan Strategy <br />Program shall be occupied for the duration of the <br />outstanding impact fee/capacity charge loan by the <br />same qualified eligible households, obtaining the <br />impact fee loan. <br />Upon sale 'of the assisted housing unit by the <br />owner, repayment of the outstanding loan amount <br />shall be required, and the affordability timeframe <br />requirement terminated. <br />17 <br />