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iii. Interest Rate <br />The interest rate for all loans granted under the <br />IRCLHAProgram Land Acquisition Loan Strategy shall <br />be a 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 Land Acquisition Loan Strategy shall. <br />be occupied by qualified eligible persons for the <br />duration of the outstanding land acquisition 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 LandAc uisition Loan Strategy <br />shall be secured by a mortgage in favor of <br />Indian River County. This ® mortgage may be <br />subordinated to construction and/or permanent <br />mortgages applied to the same unit upon approval of <br />the IRCLHAProgram Review Committee. This <br />mortgage shall serve as the eligible recipient's <br />contractual commitment to comply with the <br />requirements of the IRCLHAProgram. <br />5. Rehabilitation Loans <br />a. Description <br />The IRCLHAProgram anticipates providing low-interest <br />loans to eligible sponsors or persons to fund all or a <br />portion of the cost encountered in rehabilitating <br />existing or acquired housing units eligible for occupancy <br />by eligible persons. Rehabilitation loans will not be <br />awarded for rehabilitation work previously completed. <br />All rehabilitation work must be performed by licensed <br />contractors. <br />Awarded rehabilitation loan amounts shall be based upon <br />a minimum of two written licensed contractor estimates, <br />Identifying all necessary rehabilitation work and the <br />expected costs of the rehabilitation work. The applicant <br />26 <br />