Laserfiche WebLink
Land bank acquisitions whereby ownership of the <br /> subject property is transferred to an eligible <br /> sponsor or person shall be classified as deferred <br /> payment loans . Repayment of the effective loan <br /> amount (the value of the property) and accrued <br /> interest occurs at the time the parcel or lot and <br /> its corresponding eligible housing unit is 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 bank <br /> loans to non-profit oraanizations for eligible very <br /> low and low income persons. <br /> iv. Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Land Bank Acquisition Strategy <br /> Program shall be occupied for the duration of the <br /> outstanding land bank 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 land bank loan <br /> amount and applicable accrued interest shall be <br /> required and the affordability timeframe <br /> requirement terminated. <br /> V. Compliance Agreement and Security Instrument <br /> The county's Land Bank Acquisition Tax Deed <br /> Purchase Loan shall be secured by a mortgage in <br /> favor of Indian River County. This mortgage may be <br /> subordinated to construction and/or permanent <br /> mortgages applied to the same unit upon approval of <br /> the IRCLHAProgram Review Committee. This mortgage <br /> shall serve as the eligible recipient' s contractual <br /> commitment to comply with the requirements of the <br /> IRCLHAProgram. <br /> C. Estimated Unit Assistance and Pricino for the <br /> IRCLHAProaram <br /> Use of the listed Local Housing Assistance Program Strategies <br /> by the IRCLHAProgram will result in the provision of eligible <br /> 38 <br />