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iii. Applicant Classification <br /> (a) Land acquisition loans may be awarded to the <br /> following eligible sponsors: <br /> 1. Non-profit Organizations <br /> (b) Land acquisition loans shall result in <br /> 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 acquisition <br /> loan shall not exceed $10, 000.00 per lot (unit) . <br /> ii. Repayment Terms/Timeframe <br /> Land acquisition loans shall be deferred payment <br /> loans, whereby repayment of the loan amount and <br /> accrued interest occurs at the time the parcel/lot <br /> 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 i2ltexeft rate for all !Osna granted ander the <br /> fRei3mftoeetam hand *e%jt2i=jL-jwj, been Strategy 9178H <br /> be a three percent (9%) 1411U&T SIV+e—interest <br /> rete. There will be a zero interest rate for <br /> eligible very low and in income persons. <br /> 27 <br />