Laserfiche WebLink
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 loans granted to mndpratp <br /> income nerenne under the IRCLHAProgram <br /> Downpayment/Closing Cost Loan Strategy shall be a <br /> three percent (3%) annual 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 Downpayment/Closing Cost Loan <br /> Strategy Program shall be occupied for the duration <br /> of the outstanding downpayment/closing cost loan by <br /> the same qualified eligible households who received <br /> the assistance. <br /> Upon sale of the assisted housing unit by the <br /> owner, repayment of the outstanding loan amount and <br /> accrued interest shall be required and the <br /> affordability timeframe requirement terminated. <br /> V. Compliance Agreement and Security Instrument <br /> The county's Downpayment/Closing Cost Loan shall be <br /> secured by a mortgage in favor of Indian River <br /> County. This mortgage may be subordinated to <br /> construction and/or permanent mortgages applied to <br /> the same unit upon approval of the IRCLHAProgram <br /> Review Committee. This mortgage shall serve as the <br /> eligible recipient's contractual commitment to <br /> comply with the requirements of the IRCLHAProgram. <br /> 4. Land Acquisition Loans <br /> a. Description <br /> The IRCLHAProgram anticipates providing low-interest <br /> loans to eligible non-profit sponsors for the acquisition <br /> of vacant parcels or lots for the purpose of providing <br /> 25 <br />