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eligible housing for the following eligible <br /> persons: <br /> 1 . Very Low-Income Persons <br /> 2. Low-Income Persons <br /> 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 tax deed 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 accrued <br /> interest occurs at the time the parcel or lot and <br /> its corresponding eligible housing unit is 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 /> Mate.Tile i,ltereft rate for all equivalent: 1tncJ--b&Trk <br /> hequisition Strategy sh&H be a three percent—+a-t+ <br /> i eft There will be a zero <br /> interest rate for eligible very low and in income <br /> persons. <br /> iv. Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Land Bank Acquisition Strategy <br /> Program shall be occupied for the duration of the <br /> 38 <br />