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applicable impact fees for the eligible housing <br /> unit, whichever is less. <br /> ii. Repayment Terms/Timeframe <br /> Impact fee loans shall be deferred payment loans <br /> whereby repayment of the loan amount and applicable <br /> accrued interest occurs at the time that the <br /> 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 /> The interest rate for all iwano gLcLa��%A LAj4%A=_ <br /> three '3 <br /> —%) *111lual Simple interest rate. <br /> There will be a zero interest rate for eligible <br /> very low and In income persons. <br /> iv. Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Impact Fee Loan Strategy Program <br /> shall be occupied for the duration of the <br /> outstanding impact fee loan by the same qualified <br /> eligible households obtaining the impact fee loan. <br /> Upon sale of the assisted housing unit by the <br /> owner, repayment of the outstanding loan amount and <br /> applicable accrued interest shall be required and <br /> the affordability timeframe requirement terminated. <br /> V. Compliance Agreement and Security Instrument <br /> The county's Impact Fee Loan shall be secured by a <br /> mortgage in favor of Indian River County. This <br /> mortgage may be subordinated to construction and/or <br /> permanent mortgages applied to the same unit upon <br /> approval of the IRCLHAProgram Review Committee. <br /> 20 <br />