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c. Basic Award Terms <br /> i. Maximum Monetary Award <br /> The maximum monetary award for a land acquisition <br /> loan shall not exceed $10,000.00 per lot (unit) . <br /> ii. Repayment Terms/Timeframe <br /> Land acquisition loans shall be deferred payment <br /> -- loans, whereby repayment of the loan amount and <br /> accrued interest occurs at the time the parcel/lot <br /> and its corresponding eligible housing unit is <br /> 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 land <br /> acquisition loans to eligible very low and low <br /> income persons. <br /> 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 /> 24 <br />