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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 Acquisition Strategy shall be owner- <br /> occupied single-family residences. Mobile homes <br /> 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 /> I. Very Low-Income Persons <br /> 2. Low-Income Persons <br /> c. Basic Award Terms <br /> i. Maximum Monetary Award <br /> The maximum monetary award for a land bank <br /> acquisition expenditure shall not exceed $10,000.00 <br /> per each buildable lot. The tax deed purchase <br /> strategy may be utilized only as a strategy of <br /> "last resort". <br /> ii. Repayment Terms/Timeframe <br /> 37 <br />