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ii. Repayment Terms/Timeframe <br />Downpayment/Closing cost loans shall be deferred <br />payment loans whereby repayment of the loan amount <br />and accrued interest occurs at the time the <br />eligible housing unit is sold. <br />Eliaible persons 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 Downpayment/Closing Cost Loan <br />Strateqy shall be a three percent 38 annual <br />simple interest rat <br />There will be a zero interest rate <br />for eligible very low income persons. <br />iv. Affordable Classification Timeframe <br />Eligible housing utilizing assistance from the <br />IRCLHAProgram Downpayment/Closing Cost Loan <br />Strategy shall be occupied by the qualified <br />eligible persons owning the housing unit for the <br />duration of the outstanding downpayment/closing <br />cost 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 Downpayment/Closing Cost Loan <br />Strategy shall be secured by amortgage in <br />favor of Indian River County. This mortgage <br />may be subordinated to construction and/or <br />permanent mortgages applied to the same unit upon <br />23 <br />