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for multiple family structures shall be limited to <br />P a maximum monetary award of $100,000 for 3 or more <br />unit multi -family rental building owned and managed <br />by a non-profit organization. <br />ii. Repayment Terms/Timeframe <br />The repayment of funds awarded as a rehabilitation <br />grant is not required, except in cases where the <br />assisted housing unit is sold prior to <br />termination of the unit's affordable classification <br />timeframe (10 years). In cases where the unit is <br />sold, the entire original grant amount must be paid <br />back at the time of resale of the unit. <br />Interest Rate <br />There will be no applicable interest rate for <br />rehabilitation grants <br />y, <br />iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Rehabilitation Grant Strategy Program <br />shall be occupied by the same qualified eligible <br />household who received the assistance for a <br />of not less than ten years (10) period <br />years. Any multi- <br />family rental building rehabilitated with SHIP <br />r funds provided pursuant to this strategy <br />owned and managed by the same on -profit <br />f' organization which receives the original assistance <br />for ten (10) years. <br />V. Compliance Agreement and Security Instrument <br />The county's rehabilitation grant shall be secured <br />by a mortgage in favor of Indian River County. <br />This mortgage shall serve as the eligible <br />recipient's contractural commitment to comply with <br />the requirements of the IRCLHAProgram. This <br />mortgage will be satisfied after termination of the <br />unit's affordable classification timeframe (10 <br />years). <br />7. Land Bank - Market Purchase <br />a. Description <br />The Indian River County, through the Board of County <br />Commissioners and the IRCLHAProgram, may acquire vacant <br />Parcels or lots via the general real estate market for <br />the purpose of providing sites for the development of <br />eligible housing units by eligible sponsors for eligible <br />persons. The funds for acquisition shall be delivered at <br />the time of closing, whereby the transaction transferring <br />ownership of the parcel or lot to the county is <br />completed. This Market Purchase Strategy may be <br />considered a strategy of "last resort", whereby it may be <br />utilized in the event unexpended or unencumbered funds <br />for the IRCLHAProgram are available and expenditure <br />through the remaining IRCLHAProgram Assistance Strategies <br />is unlikely. <br />OCTOBER 23, 2001 <br />-93- <br />