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aPproval of the IRCLHAProgram Review Committee. <br />This mortgage shall serve as the eligible <br />recipient's contractual commitment to comply with <br />the requirements of the IRCLHAProgram. <br />4. Land Acquisition Loans <br />a. Description <br />The IRCLHAProgram anticipates providing low-interest <br />loans to eligible non-profit sponsors for the acquisition <br />of vacant parcels or lots for the purpose of providing <br />eligible housing units for eligible persons. The funds <br />for acquisition shall be delivered at the time of <br />closing, whereby the transaction transferring ownership <br />of the parcel or lot to the eligible sponsor is <br />completed. <br />The land acquisition loan shall be a primary or first <br />mortgage upon the subject property purchased until the <br />eligible sponsor obtains the construction and/or <br />permanent loan financing for development and construction <br />of the housing unit. At the time the <br />construction/permanent financing is provided for the <br />housing unit, the land acquisition loan shall be <br />subordinated to the construction/permanent mortgage. <br />For the purposes of the IRCLHAProgram, funds expended for <br />property acquisition under the Land Acquisition Loan <br />Assistance Strategy shall be classified as a <br />homeownership expenditure, and an eligible housing unit <br />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 />Land acquisition loans may be made for eligible <br />housing units located anywhere in the County, <br />including all municipalities located within the <br />County. <br />ii. Housing Unit Classification <br />24 <br />