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Upon transfer of the acquired property to an eligible <br /> sponsor, the effective land bank loan shall be secured by <br /> a primary or first mortgage upon the subject property <br /> until the eligible sponsor obtains the construction <br /> and/or permanent loan financing for the development and <br /> construction of a housing unit . At the time the <br /> construction/permanent financing is provided for the <br /> housing unit, the land bank loan shall be subordinated to <br /> the construction/permanent mortgage. <br /> For the purposes of the IRCLHAProgram, funds expended for <br /> property acquisition under the Land Bank Market Purchase <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 /> Parcels acquired through land bank acquisitions for <br /> the development of eligible housing units may be <br /> located anywhere in the County, including all <br /> municipalities located within the County. <br /> ii. Housing Unit Classification <br /> All housing units resulting from the IRCLHAProgram <br /> Land Bank Market Purchase Acquisition Strategy <br /> shall be owner-occupied single-family residences. <br /> Mobile homes are not eligible. <br /> iii. Applicant Classification <br /> (a) Land bank acquisitions may be awarded to the <br /> following eligible sponsors: <br /> 1. Non-profit Organizations <br /> (b) Land bank acquisitions shall result in <br /> eligible housing for the following eligible <br /> persons: <br /> 34 <br />