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ii. Repayment Terms/Timeframe <br />Impact fee loans shall be deferred payment loans <br />whereby repayment of the loan amount and applicable <br />accrued interest occurs at the time that the <br />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 impact fee <br />loans to eligible very low and low income persons. <br />iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Impact Fee Loan Strategy Program <br />shall be occupied for the duration of the <br />outstanding impact fee loan by the same qualified <br />eligible households obtaining the impact fee loan. <br />Upon sale of the assisted housing unit by the <br />owner, repayment of the outstanding loan amount and <br />applicable accrued interest shall be required and <br />the affordability timeframe requirement terminated. <br />V. Compliance Agreement and Security Instrument <br />The county's Impact Fee Loan shall be secured by a <br />mortgage in favor of Indian River County. This <br />mortgage may be subordinated to construction and/or <br />permanent mortgages applied to the same unit upon <br />approval of the IRCLHAProgram Review Committee. <br />This mortgage shall serve as the eligible <br />recipient's contractual commitment to comply with <br />the requirements of the IRCLHAProgram. <br />3. Doovnpaymsnt/Closing Cost/Principal Reduction Loane <br />a. Description <br />The IRCLHAProgram anticipates providing low-interest or <br />no interest loans to eligible persons for downpayments, <br />the payment of closing costs, and/or principal reduction <br />encountered for the purpose of acquiring an eligible <br />housing unit. <br />For the purchase of housing units, either new or <br />existing, the funds for downpayment/closing cost loans <br />17 <br />