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Elioible Persons ma <br />Day 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.B. 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 <br />simple 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 Acquisition Strategy shall <br />be occupied by qualified eligible persons for the <br />duration of the outstanding equivalent land bank <br />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 />Compliance Agreement and Security Instrument <br />Eligible housing units utilizing assistance from <br />the IRCLHAProgram Land Bank Acquisition Tax Deed <br />Purchase Strategy shall be secured by a <br />mortgage in favor of Indian River County. This <br />® mortgage may be subordinated to construction <br />and/or permanent mortgages applied to the same unit <br />upon approval of the IRCLHAProgram Review <br />Committee. ® This mortgage shall serve as <br />the eligible recipient's contractual commitment to <br />comply with the requirements of the IRCLHAProgram. <br />C. Estimated Unit Assistance and Pricing for the <br />IRCLHAProgram <br />Use of the listed Local Housing Assistance Program Strategies <br />35 <br />