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iii. Interest Rate The interest rate for all loans granted under the IRCLHAProgram Rehabilitation Loan strategy shall be a three percent (38) annual simple interest rate. There will be a zero interest rate for eligible very low income persons. iv. Affordable Classification Timeframe Eligible housing utilizing assistance from the IRCLHAProgram Rehabilitation Loan Strategy, shall be occupied by qualified eligible persons in compliance with the following methods: (a) For owner -occupied single-family housing units: The unit shall be occupied by the qualified eligible person(s) for the duration of the outstanding rehabilitation loan. (b) For rental single-family housing units, and multiple -family housing units: The unit shall be occupied by a qualified eligible person for a period of not less than fifteen (15) years. Upon completion of the fifteen (15) year affordability timeframe, the outstanding rehabilitation loan and its accrued interest shall be due in full for repayment to the IRCLHATF. Upon the sale of any eligible single-family or multiple -family housing unit by the owner, repayment of the outstanding loan amount and accrued interest shall be required and the affordability timeframe requirement terminated. V. Compliance Agreement and Security Instrument Eligible housing units utilizing assistance from the IRCLHAProgram Rehabilitation Loan Strategy shall be secured by a ® mortgage in favor of Indian River County. This ® mortgage may be subordinated to other rehabilitation, construction, and/or permanent mortgages applied to the same unit upon approval of the IRCLHAProgram Review Committee. ® This mortgage shall serve as the eligible recipient's contractual commitment to comply with the requirements of the IRCLHAProgram. Furthermore, the � mortgage document shall note that for rental properties •a local non-profit community based organization shall have the first - 29