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iv. Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Impact Fee Loan Strategy Program <br /> shall be occupied for the duration of the <br /> outstanding impact fee loan by the same qualified <br /> eligible households obtaining the impact fee loan. <br /> Upon sale of the assisted housing unit by the <br /> owner, repayment of the outstanding loan amount and <br /> applicable accrued interest shall be required and <br /> _.._ the affordability timeframe requirement terminated. <br /> V. Compliance Agreement and Security Instrument <br /> The county's Impact Fee Loan shall be secured by a <br /> mortgage in favor of Indian River County. This <br /> mortgage may be subordinated to construction and/or <br /> permanent mortgages applied to the same unit upon <br /> approval of the IRCLHAProgram Review Committee. <br /> This mortgage shall serve as the eligible <br /> recipient's contractual commitment to comply with <br /> the requirements of the IRCLHAProgram <br /> 3. DownpaYMnt/Closing Cost/Principal Reduction Loans <br /> a. Description <br /> The IRCLHAProgram anticipates providing low-interest gr <br /> no interest loans to eligible persons for downpayments, <br /> p yments, <br /> the payment of closing costs, and/or principal reduction <br /> encountered for the purpose of acquiring an eligible <br /> housing unit. <br /> For the purchase of housing units, either new or <br /> existing, the funds for downpayment/closing cost loans <br /> shall be delivered at the time of closing, whereby the <br /> transaction transferring ownership of the eligible <br /> housing unit to the eligible person is completed. <br /> Downpayment/closing cost loans shall not be provided for <br /> the acquisition of housing units requiring rehabilitation <br /> prior to approval for occupancy by residents unless the <br /> rehabilitation loan is provided through SHIP funds in <br /> conjunction with the downpayment/closing costs loan. <br /> As structured, the LHAProgram does not require an <br /> applicant to provide a minimum monetary contribution <br /> towards the downpayment or closing costs. This <br /> LHAProgram policy, however, does not exempt an applicant <br /> 18 <br />