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iv. Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Land Acquisition Loan Strategy <br /> Program shall be occupied for the duration of the <br /> outstanding land acquisition loan by the same <br /> qualified eligible households who received the <br /> 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 Land Acquisition Loan shall be secured <br /> by a mortgage in favor of Indian River County. <br /> This mortgage may be subordinated to construction <br /> and/or permanent mortgages applied to the same unit <br /> upon approval of the IRCLHAProgram Review <br /> Committee. This mortgage shall serve as the <br /> eligible recipient 's contractual commitment to <br /> comply with the requirements of the IRCLHAProgram. <br /> S. Rehabilitation Loans/emergency Repairs <br /> a. Description <br /> The IRCLHAProgram anticipates providing low-interest <br /> loans to eligible sponsors or persons to fund all or a <br /> portion of the cost encountered in rehabilitating <br /> existing or acquired housing units eligible for occupancy <br /> by eligible persons. Rehabilitation loans will not be <br /> awarded for rehabilitation work previously completed. <br /> All rehabilitation work must be performed by licensed <br /> contractors. <br /> Awarded rehabilitation loan amounts shall be based upon <br /> a minimum of two written licensed contractor estimates <br /> for the exact same scope of work, identifying all <br /> necessary rehabilitation work and the expected costs of <br /> the rehabilitation work. Contractors, A8 ;mares mmst`hp <br /> based on a work = to-nPrepared by the raunty <br /> 28 <br />