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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 eligible sponsors: <br />1. Non-profit Organizations <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 $10,000.00 <br />3 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 effective loan <br />amount (the value of the property) and applicable <br />accrued interest occurs at the time the parcel or <br />lot and its corresponding eligible housing unit is <br />sold. <br />Eligible persons may pay back the entire amount of <br />the loan and applicable accrued interest at any <br />time. <br />iii. Interest Rate <br />There will be a zero interest rate for land bank <br />loans to non-profit organizations for eligible very <br />low and low income persons. <br />33 <br />