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c. Basic Award Terms <br /> i. Maximum Monetary Award <br /> The maximum monetary award for a rehabilitation <br /> loan shall not exceed X99 20,000.00 per <br /> single-family or multiple-family housing unit. <br /> Additionally, rehabilitation loans for multiple <br /> family structures shall also be limited to a <br /> maximum monetary award of $49;eee-. 60,000.00 for <br /> evaiiabie in the struett2r <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 /> The interest rate for &H !,jams granted trtder-t-he <br /> a three percent (3%) &&Mufti simple intereat rat,--. <br /> There will be a zero interest rate for eligible <br /> very low and logy income persons. <br /> 31 <br />