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The land acquisition loan shall be a primary or first <br />mortgage upon the subject property p y purchased until the <br />eligible sponsor obtains the construction and/or <br />permanent loan financing for development and construction <br />of the housing unit. At the time the construction/ <br />permanent financing is provided for the housing unit, the <br />land acquisition loan shall be subordinated to the <br />construction/permanent mortgage. <br />For the purposes of the IRCLHAProgram, funds expended for <br />property acquisition under the Land Acquisition Loan <br />Assistance Strategy shall be classified as a <br />homeownership expenditure, and an eligible housing unit <br />must be constructed and certified for occupancy on the <br />acquired property within one year of the closing <br />transaction date. Failure to complete construction of <br />and obtain a Certificate of Occupancy for a housing unit <br />within one (1) year of the closing transaction date shall <br />constitute grounds for foreclosure to obtain possession <br />of the property which may be utilized as a land bank <br />acquired property by the IRCLHAProgram. <br />b. Eligibility <br />i. Geographic Area <br />t_. Land acquisition loans may be made for eligible <br />housing units located anywhere in the County, <br />including all municipalities located within the <br />County. <br />ii. Housing Unit Classification <br />All housing units utilizing assistance from the <br />IRCLHAProgram Land Acquisition Loan Strategy shall <br />be owner -occupied single-family residences. Mobile <br />homes are not eligible. <br />iii. Applicant Classification <br />(a) Land acquisition loans may be awarded to the <br />following eligible sponsors: <br />1. Non-profit Organizations <br />(b) Land acquisition loans shall result in <br />eligible housing for the following eligible <br />persons: <br />1. Very Low -Income Persons <br />2. Low -Income Persons <br />22 <br />M <br />