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b. Eligibility <br />i. Geographic Area <br />Parcels acquired through land bank acquisitions for <br />the development of eligible housing units may be <br />located anywhere in the County, including all <br />municipalities located within the County. <br />ii. Housing Unit Classification <br />All housing units resulting from the IRCLHAProgram <br />Land Bank Acquisition Strategy shall be owner - <br />occupied single-family residences. <br />Mobile homes are not eligible <br />iii. Applicant Classification <br />(a) Land bank acquisitions may be awarded for <br />eligible housing to be provided by the following <br />eligible sponsors: <br />1. Non-profit Organizations <br />(b) Land bank acquisitions 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 bank <br />acquisition expenditure shall not exceed 110,000.00 <br />per lot or 1150,000 00 for the total land bank <br />acquisition per FY. <br />Ii. Repayment Terms/Timeframe <br />Land bank acquisitions whereby ownership of the <br />subject property is transferred to an eligible <br />sponsor or person shall be classified as deferred <br />payment loans. Repayment of the effective loan <br />amount (the value of the property) and accrued <br />interest occurs at the time the parcel or lot and <br />its corresponding eligible housing unit is sold. <br />34 <br />L_ <br />