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C. Basic Award Terms <br /> i. Maximum Monetary Award <br /> The maximum monetary award for a land bank <br /> acquisition expenditure shall not exceed $10,000.00 <br /> per lot. The market purchase strategy may be <br /> utilized only as a strategy of "last resort". <br /> ii. Repayment Terms/Timeframe <br /> Land bank acquisitions whereby ownership of the <br /> subject property is transferred to an eligible <br /> sponsor or person shall be classified as deferred <br /> payment loans. Repayment of the effective loan <br /> amount (the value of the property) and applicable <br /> accrued interest occurs at the time the parcel or <br /> lot 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 /> The interest rate laild <br /> There will be a zero <br /> interest rate for eligible very low and ow income <br /> persons. <br /> iv. Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Land Bank Market Purchase Strategy <br /> Program shall be occupied for the duration of the <br /> outstanding land bank acquisition loan by the same <br /> qualified eligible households who received the <br /> assistance. <br /> 35 <br />