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iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Land Bank Market Purchase Strategy <br />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 and applicable accrued interest shall be <br />required and the affordability timeframe <br />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 />8. Land Hank - Tax Deed Purchase <br />a. Description <br />The Indian River County, through the Board of County <br />Commissioners and the IRCLHAProgram, may acquire vacant <br />parcels or lots by purchasing the properties via Tax Deed <br />Auction for the purpose of providing sites for the <br />development of eligible housing units by eligible <br />sponsors for eligible persons. The funds for acquisition <br />shall be delivered at the time of tax deed sale, whereby <br />the transaction transferring ownership of the parcel or <br />lot to the county is completed. This Tax Deed Purchase <br />Strategy may be considered a strategy of "last resort", <br />whereby it may be utilized in the event unexpended or <br />encumbered funds for the IRCLHAProgram are available and <br />expenditure through the remaining IRCLHAProgram <br />Assistance Strategies is unlikely. <br />The acquired property shall be classified as a monetary <br />asset of the IRCLHATF to be utilized as an equivalent <br />loan to an eligible sponsor or person for the development <br />of an eligible housing unit. <br />Upon transfer of the acquired property to an eligible <br />sponsor, the effective land bank loan shall be secured by <br />a primary or first mortgage upon the subject property <br />34 <br />