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amounts determined by the percentage allocations shall be revised on a quarterly basis <br />County Local Housing Trust Fund from other sources. A <br />supersede the percentages reflected in items (a), (b) and (c). <br />n new <br />SHIP <br />re. <br />ulations will <br />Income Persons; and <br />(c) A minimum of thirty (30) percent of the housing units provided or assisted by the Indian <br />Persons. <br />-- - ' - - - ---- - - <br />{a) The sales price of new or existing eligible housing units shall not exceed ninety (90) <br />percent of the median area purchase price for the area where the eligible housing is <br />•! .- . <br />Department of Treasury Department in accordance with Section 3(b) 2 of the United <br />State Housing Act of 1937; <br />(4 c) Loans to income eligible households for housing units from the Indian River County Local <br />Housing Assistance Trust Fund shall be provided for periods not exceeding thirty (30) years. <br />However, deferred payment soft -second loans or loans that extend beyond thirty (30) years <br />may be provided with the condition that each assisted housing unit financed in either <br />manner must be occupied by income eligible persons for the same period of time as the <br />extended loan period. <br />(5 d)Whenever an owner -occupied housing unit which was purchased or rehabilitated with a <br />deferred payment loan constructed, rehabilitated, or otherwise assisted from proceeds <br />provided from the Indian River County Local Housing Assistance Program is sold, <br />refinanced with a cash out, or occupied by someone other than the original loan recipient, <br />the entire loan amount and accumulated interest shall be due and payable to the local <br />housing assistance program. - • - - <br />identical to those specified in Section 1/13(m) of the Internal Revenue Code of 1986. The <br />funds obtained through these repayments recapture provisions shall be redeposited into the <br />Indian River County Local Housing Assistance Trust Fund for redistribution by the Indian <br />River County Local Housing Assistance Program. <br />from the Indian River County Local Housing Assistance Program shall be reserved for <br />that have remaining mortgages funded under the Indian River County Local Housing <br />Assistance Program must give a first right of refusal to eligible nonprofit organizations <br />for purchase at the current market value for continued occupancy of the housing units <br />by eligible persons <br />5 <br />126 <br />