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ii. Housing Unit Classification <br />All housing units resulting from the IRCLHAProgram <br />Land Bank Market Purchase Acquisition Strategy <br />shall be owner -occupied single-family residences. <br />Mobile homes are not eligible. <br />iii. Applicant Classification <br />(a) Land bank acquisitions 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 bank acquisitions shall .result in <br />eligible housing for the following eligible <br />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 bank <br />acquisition expenditure shall not exceed $15,000.00 <br />per each buildable lot. The market purchase <br />strategy may be utilized only as a strategy of <br />"last resort". <br />ii. Repayment Terms/Timeframe <br />Land bank acquisitions whereby. ownership of the <br />subject property is transferred to an eligible <br />sponsor or person shall be classified as deferred <br />payment loans. Repayment of the entire loan amount <br />(the value of the property) occurs at the time the <br />parcel or lot and its corresponding eligible <br />housing unit is sold of if the assisted unit is <br />occupied by someone other than the original <br />recipient. The original transfer of loan to very <br />low and low income households by the non-profit <br />organization does not require repayment of the <br />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 />ME <br />