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for expending SHIP funds for each fiscal year. <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Land Acquisition Loan Strategy <br />Program shall be occupied for the duration of the <br />outstanding land acquisition loan by the same <br />qualified eligible households who received the <br />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 Land Acquisition Loan shall be secured <br />by a mortgage in favor of Indian River County. <br />This.mortgage may be subordinated to construction <br />and/or permanent mortgages applied to -the same unit <br />upon approval of the IRCLHAProgram Review <br />Committee. This mortgage shall serve as the <br />eligible recipient's contractual commitment to <br />comply with the requirements of the IRCLHAProgram. <br />d. Applicant Selection Criteria <br />Applications are reviewed based on a first come first <br />reviewed basis, and applicants are chosen per the <br />following criteria as described in section III.D.4. of <br />this plan. <br />• Income Eligibility <br />• Employment Verification <br />• Asset Verification <br />• Homebuyer Status <br />• Credit' Verification <br />29 <br />