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ii. Repayment Terms/Timeframe <br />The repayment of funds awarded as a rehabilitation <br />grant is not required, except in cases where the <br />assisted housing unit is sold prior to termination <br />of the unit's affordable classification timeframe <br />(10 years) or if the assisted unit is occupied by <br />someone other than the original grant recipient. In <br />cases where the unit is sold, the entire original <br />grant amount must be paid back at the time of <br />resale of the unit. <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 />grants <br />iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Rehabilitation Grant Strategy Program <br />shall be occupied for a period of not less than ten <br />.years (10) years by the same qualified eligible <br />household who received the assistance. <br />V. Compliance Agreement and Security Instrument <br />The county's.rehabilitation grant shall be secured <br />by a mortgage in favor of Indian River County. <br />This mortgage shall serve as the eligible <br />recipient's contractural commitment to comply with <br />the requirements of the IRCLHAProgram. This <br />mortgage will be satisfied after termination of the <br />unit's affordable classification timeframe (10 <br />years) <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 />41 <br />