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Program shall be occupied for the duration of the <br />outstanding land bank 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 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 Acquisition Tax Deed <br />Purchase Loan shall be secured by a mortgage in <br />favor of Indian River County. This mortgage may be <br />subordinated to 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 />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 />