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i <br />(b) Rehabilitation grants <br />housing for the following <br />1. Very Low -Income <br />c. Basic Award Terms <br />i. Maximum Monetary Award <br />shall result in eligible <br />eligible persons: <br />Persons <br />The maximum monetary award for a rehabilitation <br />grant shall not exceed $20,000.00 per each eligible <br />single-family housing unit. <br />ii. Repayment Terms/Timeframe <br />The repayment of funds awarded as a rehabilitation <br />grant is not required, except in cases where the <br />eligible housing unit is sold prior to termination <br />of the unit's affordable classification timeframe <br />(10 years). In cases where the unit is sold, the <br />original grant amount must be paid back at the time <br />of resale of the unit. <br />iii. Interest Rate <br />There will be no applicable interest rate for <br />rehabilitation grants <br />iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Rehabilitation Grant Strategy Program <br />shall be occupied by the same qualified eligible <br />household who received the assistance for a period <br />of not less than ten years (10) years. <br />V. Compliance Agreement and Security Instrument <br />The applicant shall execute a Grant agreement with <br />the county. This Grant agreement shall serve as the <br />eligible recipient's contractual commitment to <br />comply with the requirements of the IRCLHAProgram. <br />7. Land Hank - Market Purchase <br />a. Description <br />The Indian River County, through the Board of County <br />Commissioners and the IRCLHAProgram, may acquire vacant <br />parcels or lots via the general real estate market for <br />31 <br />