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another housing program, such as the CDBG <br /> program <br /> (b) Impact fee grants shall result in eligible <br /> 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 an impact fee grant <br /> shall not exceed $7,500.00 or the total cost of <br /> applicable impact fees for the eligible housing <br /> unit, whichever is less. <br /> ii. Repayment Terms/Timeframe <br /> The repayment of funds awarded as an impact fee <br /> grant is not required, except in cases whereby the <br /> eligible housing unit is sold to non-eligible <br /> persons prior to termination of the unit's <br /> affordable classification timeframe. In cases <br /> where the unit is sold to a non-eligible person, <br /> resale of the unit shall require repayment of the <br /> original grant amount and applicable accrued <br /> interest on the original grant amount. <br /> iii. Interest Rate <br /> There will be no applicable interest rate for <br /> impact fee grants. <br /> iv. Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Impact Fee Grant Strategy Program <br /> shall be occupied by the same qualified eligible <br /> households who received the assistance for the <br /> following periods: <br /> 1. For existing or new housing units: The <br /> unit shall be occupied by a qualified <br /> eligible household for a period of not <br /> less than twenty ten (10) years. <br /> 15 <br />