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Impact fee loans may be made for eligible housing <br /> units located anywhere in the County, including all <br /> municipalities located within the County. <br /> ii. Housing Unit Classification <br /> All housing units shall be owner-occupied <br /> residences. Mobile Homes are not eligible. <br /> Applicant Classification <br /> _. (a) Impact fee loans may be awarded to the <br /> following eligible sponsors: <br /> 1. Non-profit Organizations <br /> 2. Very Low-Income Eligible Persons <br /> 3. Low-Income Eligible Persons <br /> (b) Impact fee loans shall result in eligible <br /> housing for the following eligible 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 loan <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 /> 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 /> There will be a zero interest rate for imoa_ ct fee <br /> loans to eligible very low and low income persons. <br /> 17 <br />