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c. Basic Award Terms <br />i. Maximum Monetary Award <br />The maximum monetary award for a land acquisition <br />loan shall not exceed $10,000.00 per lot (unit). <br />ii. Repayment Terms/Timeframe <br />Land acquisition loans shall be deferred payment <br />loans, whereby repayment of the loan amount and <br />accrued interest occurs at the time the parcel/lot <br />and its corresponding eligible housing unit is <br />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 <br />acquisition loans to eligible very low and low <br />income persons. <br />iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Land Acquisition Loan Strategy <br />Program shall be occupied for the duration of the <br />outstanding land 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 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 Land Acquisition Loan shall be secured <br />by a mortgage in favor of Indian River County. <br />This mortgage may be subordinated to construction <br />and/or permanent mortgages applied to the same unit <br />upon approval of the IRCLHAProgram Review <br />Committee. This mortgage shall serve as the <br />eligible recipient's contractual commitment to <br />comply with the requirements of the IRCLHAProgram. <br />23 <br />