Laserfiche WebLink
The land acquisition loan shall be a primary or first <br /> mortgage upon the subject property purchased until the <br /> eligible sponsor obtains the construction and/or <br /> permanent loan financing for development and construction <br /> of the housing unit. At the time the construction/ <br /> permanent financing is provided for the housing unit, the <br /> land acquisition loan shall be subordinated to the <br /> construction/permanent mortgage. <br /> For the purposes of the IRCLHAProgram, funds expended for <br /> property acquisition under the Land Acquisition Loan <br /> Assistance Strategy shall be classified as a <br /> homeownership expenditure, and an eligible housing unit <br /> must be constructed and certified for occupancy on the <br /> acquired property within one year of the closing <br /> transaction date. Failure to complete construction of <br /> and obtain a Certificate of Occupancy for a housing unit <br /> within one (1) year of the closing transaction date shall <br /> constitute grounds for foreclosure to obtain possession <br /> of the property which may be utilized as a land bank <br /> acquired property by the IRCLHAProgram. <br /> b. Eligibility <br /> i. Geographic Area <br /> Land acquisition loans may be made for eligible <br /> housing units located anywhere in the County, <br /> including all municipalities located within the <br /> County. <br /> ii. Housing Unit Classification <br /> All housing units utilizing assistance from the <br /> IRCLHAProgram Land Acquisition Loan Strategy shall <br /> be owner-occupied single-family residences. Mobile <br /> homes are not eligible. <br /> 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 /> 23 <br />