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iii. Applicant Classification <br />(a) Land acquisition loans may be awarded to the <br />following: <br />1. Non-profit Organizations for building <br />affordable housing units for very low and <br />low income persons <br />(b) Land acquisition loans shall result in eligible <br />housing for the following eligible persons: <br />1. Very Low -Income Persons <br />2. Low -Income Persons <br />c. Basic Award Terms <br />i. Maximum Monetary Award <br />The maximum monetary award for a land acquisition <br />loan shall not exceed $15,000.00 per lot (unit). <br />ii. Repayment Terms/Timeframe <br />Land acquisition loans.are deferred payment loans, <br />whereby repayment of the entire loan amount is <br />required at the time the parcel/lot and its <br />corresponding eligible housing unit is sold or if <br />the assisted unit is occupied by someone other than <br />the original loan recipient. The original transfer <br />of loan to a very low and low income household by <br />the non-profit organization does not require <br />repayment of the loan. <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 land acquisition <br />loans. <br />iv. Affordable Classification Timeframe <br />Loans to non-profit organizations for land <br />acquisition must be transferred to eligible very <br />low and low income households within the time <br />frames allowed by the Local Housing Assistance Plan <br />