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The maximum monetar award for an impact fee loan <br />shall not exceed $ 7.500.00 or the total <br />cost of applicable impact fees for the eligible <br />housing unit, whichever is less. <br />ii. Repayment Terms/Timeframe <br />Impact fee loans shall be deferred payment loans <br />whereby repayment of the loan amount and accrued <br />interest occurs at the time that the eligible <br />housing unit is sold. <br />Eli able ersons ma <br />pay back the <br />entire amount of the loan and accrued interest at <br />any time. <br />When the eligible housing unit is sold, the <br />eligible person owning the unit shall be subject to <br />the funds recapture provisions listed in Section <br />III.D.8. of this Plan. <br />iii. Interest Rate <br />The interest rate for all loans granted under the <br />IRCLHAProgram Impact Fee Loan Strategishall be a <br />three percent (38) annual simple <br />interest rate. <br />There will be a zero interest rate for eligible <br />very low income persons. <br />iv. Affordable Classification Timeframe <br />Eligible housing utilizing assistance from the <br />IRCLHAProgram Impact Fee Loan Strategy shall be <br />occupied by the qualified eligible persons owning <br />the housing unit for the duration of the <br />outstanding impact fee loan. <br />Upon sale of the eligible housing unit by the <br />owner, repayment of the outstanding loan amount and <br />accrued interest shall be required and the <br />affordability timeframe requirement terminated. <br />V. Compliance Agreement and Security Instrument <br />Eligible housing units utilizing assistance from <br />the IRCLHAProgram Impact Fee Loan Strategy shall be <br />secured by a = mortgage in favor of Indian <br />River County. This mortgage may be <br />20 <br />