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The acquired property shall be classified as a monetary <br />asset of the IRCLHATF to be utilized as an equivalent <br />loan to an eligible sponsor or person for the development <br />of an eligible housing unit. <br />Upon transfer of the acquired property to an eligible <br />sponsor, the effective land bank loan shall be secured by <br />a primary or first mortgage upon the subject property <br />until the eligible sponsor obtains the construction <br />and/or permanent loan financing for the development and <br />construction of a housing unit. At the time the <br />construction/permanent financing is provided for the <br />housing unit, the land bank loan shall be subordinated to <br />the construction/permanent mortgage. <br />For the purposes of the IRCLHAProgram, funds expended for <br />property acquisition under the Land Bank Market Purchase <br />Assistance Strategy shall be classified as a <br />homeownership expenditure, and an eligible housing unit <br />must be constructed and certified for occupancy on the <br />acquired property within one year of the closing <br />transaction date. Failure to complete construction of <br />and obtain a Certificate of Occupancy for a housing unit <br />within one (1) year of the closing transaction date shall <br />constitute grounds for foreclosure to obtain possession <br />of the property which may be utilized as a land bank <br />acquired property by the IRCLHAProgram. <br />b. Eligibility <br />1. 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 />OCTOBER 23, 2001 <br />-94- <br />