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and applicable accrued interest occurs at the time <br />the 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 />The interest rate for all loans granted to moderate <br />income persons under the IRCLHAProgram <br />Downpayment/Closing Cost Loan Strategy shall be a <br />three percent (3%) annual simple interest rate. <br />There will be a zero interest rate for eligible <br />very low and low income persons. <br />iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Downpayment/Closing Cost Loan <br />Strategy Program shall be occupied for the duration <br />of the outstanding downpayment/closing cost loan by <br />the same qualified eligible households who received <br />the assistance. <br />Upon sale of the assisted housing unit by the <br />owner, repayment of the outstanding loan amount and <br />accrued interest shall be required and the <br />affordability timeframe requirement terminated. <br />V. Compliance Agreement and Security Instrument <br />The county's Downpayment/Closing Cost Loan shall be <br />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 />4. Land Acquisition Loans <br />a. Description <br />The IRCLHAProgram anticipates providing low-interest <br />loans to eligible non-profit sponsors for the acquisition <br />of vacant parcels or lots for the purpose of providing <br />eligible housing units for eligible persons. The funds <br />for acquisition shall be delivered at the time of <br />closing, whereby the transaction transferring ownership <br />of the parcel or lot to the eligible sponsor is <br />completed. <br />21 <br />