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c. Basic Award Terms <br /> i. Maximum Monetary Award <br /> The maximum monetary award for a rehabilitation <br /> loan shall not exceed $20, 000 .00 per single-family <br /> or multiple-family housing unit. Additionally, <br /> rehabilitation loans for multiple family structures <br /> shall also be limited to a maximum monetary award <br /> of $60,000.00 for 3 or more units. <br /> ii. Repayment Terms/Timeframe <br /> Rehabilitation loans shall be deferred payment <br /> loans, whereby repayment of the loan amount and <br /> accrued interest occurs as follows: <br /> (a) Owner-occupied single-family homes: The loan <br /> amount and applicable accrued interest shall be <br /> repaid at the time the eligible housing unit is <br /> sold. <br /> (b) Non-owner-occupied single family homes and <br /> multiple-family structures: Repayment of the full <br /> rehabilitation loan amount and applicable accrued <br /> interest shall be required fifteen (15) years <br /> following the date of issuance of the loan. <br /> Eligible sponsors or persons may pay back the <br /> entire amount of the loan and applicable accrued <br /> interest at any time. <br /> iii. Interest Rate <br /> There will be a zero interest rate for <br /> rehabilitation 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 Rehabilitation Loan Strategy Program <br /> shall be occupied for the duration of the <br /> outstanding rehabilitation loan by the same <br /> qualified eligible households who received the <br /> assistance in compliance with the following <br /> methods: <br /> 28 <br />