Laserfiche WebLink
The repayment of funds awarded as an impact fee <br />grant is not required, except in cases whereby the <br />eligible housing unit is sold to non -eligible <br />persons prior to termination of the unit's <br />affordable classification timeframe. In cases <br />where the unit is sold to a non -eligible person, <br />resale of the unit shall require repayment of the <br />original grant amount and applicable accrued <br />interest on the original grant amount. <br />iii. Interest Rate <br />There will be no applicable interest rate for <br />impact fee grants. <br />iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Impact Fee Grant Strategy Program <br />shall be occupied by the same qualified eligible <br />households who received the assistance for the <br />following periods: <br />1. For existing or new housing units: The <br />unit shall be occupied by a qualified <br />eligible household for a period of not <br />less than ten (10) years. <br />V. Compliance Agreement and Security Instrument <br />The applicant shall execute a Grant agreement with <br />the county. This Grant agreement shall serve as the <br />eligible recipient's contractual commitment to <br />comply with the requirements of the IRCLHAProgram. <br />2. Impact Fee Loans <br />a. Description <br />The IRCLHAProgram anticipates providing no -interest loans <br />for the payment of water, sewer and traffic impact fees <br />for housing units for qualified eligible persons or <br />sponsors. Funds for impact fee loans shall be <br />transferred directly to the appropriate impact fee <br />account corresponding to the eligible housing unit. <br />Loans may be provided for connection to public services <br />for new construction, or for existing owner -occupied <br />homes. <br />For new homebuyers, such loans will reduce the financial <br />cost, as the loans will be deferred and therefore <br />15 <br />