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7777777 <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 />per each buildable lot. The tax deed 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 accrued <br />interest occurs at the time the parcel or lot and <br />its corresponding eligible housing unit is 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 />iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Land Bank Acquisition 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 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 />01 <br />