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eligible housing units located anywhere in the <br />County, including all municipalities located within <br />the County. <br />ii. Housing Unit Classification <br />All housing units shall be owner -occupied <br />residences. Mobile homes are not eligible. <br />iii. Applicant Classification <br />(a) Downpayment/Closing cost loans may be awarded <br />to the following eligible sponsors: <br />1. Very Low -Income Eligible Persons <br />2. Low -Income Eligible Persons <br />3. Moderate -Income Eligible Persons <br />At the beginning of each FY, funds for downpayment/ <br />closing cost assistance for the purchase of <br />existing units will be allocated only to very low <br />income households until such time that staff <br />determines that at least 30% of the funds to be <br />utilized during the fiscal year will be used by <br />very low income households. After that, funds for <br />downpayment/closing cost assistance for the <br />purchase of existing units may be made available to <br />low and moderate income households. <br />(b) Downpayment/Closing cost loans shall result in <br />eligible housing for the following eligible <br />persons: <br />1. Very Low -Income Persons <br />2. Low -Income Persons <br />3. Moderate -Income Persons <br />c. Basic Award Terms <br />i. Maximum Monetary Award <br />The maximum monetary award for a downpayment/ <br />closing cost loan may be up to, but shall not <br />exceed, $7,500.00 for awards provided to eligible <br />moderate -income persons, $10,000.00 for awards <br />provided to eligible low income persons, or <br />$15,000.00 for very low-income persons. <br />ii. Repayment Terms/Timeframe <br />Downpayment/Closing cost loans shall be deferred <br />payment loans whereby repayment of the loan amount <br />20 <br />