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The maximum monetary award for a rehabilitation <br />loan shall not exceed $20,000.00 per single-family <br />or multiple -family housing unit. Additionally, <br />rehabilitation loans for multiple family structures <br />shall also be limited to a maximum monetary award <br />of $60,000.00 for 3 or more units. <br />ii. Repayment Terms/Timeframe <br />Rehabilitation loans shall be deferred payment <br />loans, whereby repayment of the loan amount and <br />accrued interest occurs as follows: <br />(a) Owner -occupied single-family homes: The loan <br />amount and applicable accrued interest shall be <br />repaid at the time the eligible housing unit is <br />sold. <br />(b) Non -owner -occupied single family homes and <br />multiple -family structures: Repayment of the full <br />rehabilitation loan amount and applicable accrued <br />interest shall be required fifteen (15) years <br />following the date of issuance of the loan. <br />Eligible sponsors or persons may pay back the <br />entire amount of the loan and applicable accrued <br />interest at any time. <br />iii. Interest Rate <br />There will be a zero interest rate for <br />rehabilitation loans to eligible very low and low <br />income persons and 3% annual simple interest for <br />moderate income persons. <br />iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Rehabilitation Loan Strategy Program <br />shall be occupied for the duration of the <br />outstanding rehabilitation loan by the same <br />qualified eligible households who received the <br />assistance in compliance with the following <br />methods: <br />(a) For owner -occupied single-family housing <br />units: The unit shall be occupied for the duration <br />of the outstanding rehabilitation loan by the same <br />qualified eligible households who received the <br />assistance. <br />(b) For rental single-family housing units, and <br />multiple -family housing units: The unit shall be <br />27 <br />