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iii. Interest Rate <br />There will be a no interest rate for land bank <br />loans. <br />iv. Affordable Classification Timeframe <br />Loans to non-profit organizations for land bank <br />must be transferred to very low and low income <br />households within the timeframe allowed by the <br />Local Housing Assistance Plan for expending SHIP <br />fund for each fiscal year. Housing units whose <br />owners receive funds from the IRCLHAProgram Land <br />Bank Market Purchase Strategy Program shall be <br />occupied for the duration of the outstanding land <br />bank acquisition loan by the same qualified <br />eligible households who received the assistance. <br />Upon sale of the assisted housing unit by the <br />owner, repayment of the outstanding land bank loan <br />amount shall be required and the affordability <br />timeframe requirement terminated. <br />V. Compliance Agreement and Security Instrument <br />The county's Land Bank Market Purchase Loan shall <br />be secured by a mortgage in favor of Indian River <br />County. This mortgage may be subordinated to <br />construction and/or permanent mortgages applied to <br />the same unit upon approval of the IRCLHAProgram <br />Review 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 />45 <br />