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The amount of funds calculated by application of the <br />recapture provision shall be paid by the selling <br />household and redeposited into the Indian River County <br />Local Housing Assistance Trust Fund for redistribution by <br />the IRCLHAProgram. However, the initial transfer of <br />title for the assisted housing unit between an eligible <br />non-profit organization sponsor and the eligible <br />person(s) acquiring the unit via a lease -purchase <br />agreement shall not be considered the resale of the unit <br />requiring repayment of the loan amount, interest amount <br />and calculated recapture amount. <br />The Satisfaction of Mortgage shall be executed upon <br />payment of both the original loan/grant principal amount <br />and its accrued interest as required by the corresponding <br />IRCLHAProgram Assistance Strategy or Strategies, and the <br />determined subsidy recapture amount. <br />For renter -occupied housing units which are offered for <br />sale by the eligible sponsor receiving IRCLHAProgram <br />assistance before termination of the 15 year <br />affordability period, or that have remaining mortgages <br />funded under the IRCLHAProgram, the seller must give a <br />first right of refusal to eligible non-profit <br />organizations for purchase at the current market value <br />for continued occupancy by eligible recipients. <br />45 <br />