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its corresponding eligible housing unit is sold. <br />Elioible persons ma <br />pay back 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.8. of this Plan. <br />iii. Interest Rate <br />The interest rate for all equivalent land bank <br />loans granted under the IRCLHAProgram Land Bank <br />Acquisition Strategy shall be a three percent 38 <br />annual sim le interest rate. <br />There will be a zero interest <br />rate for eligible very low income persons. <br />iv. Affordable Classification Timeframe <br />Eligible housing utilizing assistance from the <br />IRCLHAProgram Land Bank Market Purchase Strategy <br />shall be occupied by qualified eligible persons for <br />the duration of the outstanding equivalent land <br />bank acquisition loan. <br />Upon sale of the eligible housing unit by the <br />owner, repayment of the outstanding land bank loan <br />amount and accrued interest shall be required and <br />the affordability timeframe requirement terminated. <br />V. Compliance Agreement and Security Instrument <br />Eligible housing units utilizing assistance from <br />the IRCLHAProgram Land Bank Market Purchase <br />Strategy shall be secured by a mortgage in <br />favor of Indian River County. This mortgage <br />may be subordinated to construction and/or <br />permanent mortgages applied to the same unit upon <br />aa"royal 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 />32 <br />