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3. Moderate -Income Persons <br />c. Basic Award Terms <br />i. Maximum Monetary Award <br />The maximum monetary award for a rehabilitation <br />loan shall not exceed $20,000.00 per single-family <br />or condominium housing unit. <br />ii. Repayment Terms/Timeframe <br />Rehabilitation loans are deferred payment loans, <br />whereby repayment of the entire loan amount occurs <br />at the time the eligible housing unit is sold or if <br />the assisted unit is occupied by someone other than <br />the original loan recipient. <br />A loan recipient 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 rehabilitation <br />loans. <br />iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Rehabilitation Loan Strategy Program <br />shall be occupied for the duration of the <br />outstanding rehabilitation loan by the same <br />qualified eligible.. households who: received the <br />assistance in compliance with the following <br />methods. Upon the sale of any assisted 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 Rehabilitation Loan shall be secured <br />by a mortgage in favor of Indian. River County. <br />This mortgage may be subordinated to other <br />rehabilitation, construction, and/or permanent <br />mortgages applied to the same unit upon approval of <br />the IRCLHAProgram Review Committee. This mortgage <br />shall serve as the eligible recipient's contractual <br />commitment to comply with the requirements of the <br />IRCLHAProgram. <br />33 <br />