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Interest Rate <br /> There will be no applicable interest rate for <br /> rehabilitation grants <br /> iv. Affordable Classification Timeframe <br /> Housina units whose owners receive funds from the <br /> m <br /> IRCLHAProaraRehabilitation i tati on Grant Strategy P=rs+m <br /> shall be occupied by the same qualified eligible <br /> household who received the assistance for a nerind <br /> of not less than ten Years (10) years <br /> Y., Compliance Agreement and Security Instrument <br /> The applicant shall execute a Grant agreement with <br /> the county. This Grant aareement shall serve as the <br /> eligible recipient' s contractual commitment to <br /> co=ly with the requirements of the IRCLHAProaram. <br /> 67. Land Bank - market Purchase <br /> a. Description <br /> The Indian River County, through the Board of County <br /> Commissioners and the IRCLHAProgram, may acquire vacant <br /> parcels or lots via the general real estate market for <br /> the purpose of providing sites for the development of <br /> eligible housing units by eligible sponsors for eligible <br /> persons. The funds for acquisition shall be delivered at <br /> the time of closing, whereby the transaction transferring <br /> ownership of the parcel or lot to the county is <br /> completed. This Market Purchase Strategy may be <br /> considered a strateW of "last resort", whereby it may be <br /> utilized in the event unexpended or encumbered funds for <br /> the IRCLHAProgram are available and expenditure through <br /> the remaining IRCLHAProgram Assistance Strategies is <br /> unlikely. <br /> The acquired property shall be classified as a monetary <br /> asset of the IRCLHATF to be utilized as an equivalent <br /> loan to an eligible sponsor or person for the development <br /> of an eligible housing unit. <br /> 33 <br />