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c. Basic Award Terms <br />i. Maximum Monetary Award <br />The maximum' monetary award for a downpayment/ <br />closing cost loan may -be up to, but shall not <br />exceed, $7,500.00 for awards provided to eligible <br />moderate -income persons, up to $10,000.00 for <br />awards provided to eligible low income persons, or <br />up to $15,000.00 for very low-income persons. <br />ii. Repayment Terms/Timeframe <br />Downpayment/Closing cost loans are deferred payment <br />loans whereby repayment of the entire loan amount <br />occurs at the time the eligible housing unit is <br />sold or at the time the assisted unit is occupied <br />by someone other than the original loan recipient. <br />Eligible persons may pay back the entire amount of <br />the loan at any time. <br />Recaptured funds will be deposited in the county's <br />affordable housing trust fund. <br />iii. Interest Rate <br />There will be no interest rate for <br />downpayment/closing cost loans. <br />iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Downpayment/Closing Cost Loan <br />Strategy Program shall be occupied for the duration <br />of the outstanding downpayment/closing cost loan by <br />the same qualified eligible households who received <br />the assistance. <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 />V. Compliance Agreement and Security Instrument <br />The county's'Downpayment/Closing Cost Loan shall be <br />secured by a mortgage in favor of Indian River <br />County. This mortgage may be subordinated to <br />construction and/or permanent mortgages applied to <br />the same unit upon approval of the IRCLHAProgram <br />Review Committee. This mortgage shall serve as the <br />23 <br />