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All housing units utilizing assistance from the <br />IRCLHAProgram Land Acquisition Loan Strategy shall <br />i <br />owner-occu ied sin le-famil residences. <br />Mobile homes are not eligible. <br />iii. Applicant Classification <br />(a) Land acquisition loans may be awarded for <br />eligible housing to be provided by the following <br />eligible sponsors: <br />1. Non-profit Organizations <br />(b) Land acquisition loans shall result in <br />eligible housing for the following eligible <br />persons: <br />1. Very Low -Income Persons <br />2. Low -Income Persons <br />c. Basic Award Terms <br />i. Maximum Monetary Award <br />The maximum monetary award for a land acquisition <br />loan shall not exceed $10,000.00 per lot/unit. <br />ii. Repayment Terms/Timeframe <br />Land acquisition loans shall be deferred payment <br />loans, whereby repayment of the loan amount and <br />accrued interest occurs at the time the parcel/lot <br />and its corresponding eligible housing unit is <br />sold. <br />Eli ible ersons ma <br />paY batik 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.B. of this Plan. <br />25 <br />