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1. Non-profit Organizations <br />2. Investors <br />3. Very Low -Income Eligible Persons <br />4. Low -Income Eligible Persons <br />(b) Rehabilitation loans shall result in eligible <br />housing for the following eligible persons: <br />1. Very Low -Income Persons <br />2. Low -Income Persons <br />c. Basic Award Terms <br />Maximum Monetary Award <br />The maximum monetary award for a rehabilitation <br />loan shall not exceed $10,000.00 per single-family <br />or multiple -family housing unit. Additionally, <br />rehabilitation loans for multiple family structures <br />shall also be limited to a maximum monetary award <br />of $40,000.00 regardless of the number of units <br />available in the structure. <br />ii. Repayment Terms/Timeframe <br />Rehabilitation loans shall be deferred payment <br />loans, whereby repayment of the loan amount and <br />accrued interest occurs as follows: <br />(a) Owner -occupied single-family homes: The loan <br />amount and accrued interest shall be repaid at the <br />time the eligible housing unit is sold. <br />(b) Non -owner -occupied single family homes and <br />multiple -family structures: Repayment of the full <br />rehabilitation loan amount and accrued interest <br />shall be required fifteen (15) years following the <br />date of issuance of the loan. <br />Elioible sponsors or Dersons ma <br />PM <br />back the entire amount of the loan and accrued <br />interest at any time. <br />When the eligible housing unit is sold, the <br />eligible sponsor or person owning the unit shall be <br />subject to the funds recapture provisions listed in <br />Section III.D.8. of this Plan. <br />20 <br />