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Program (HOME), or other state or federal housing program. (b) Rehabilitation grants shall result in eligible housing for the following eligible persons: 1. Very Low -Income Persons 2. Low -Income Persons c. Basic Award Terms i Maximum Monetary Award The maximum monetary award for a rehabilitation grant shall not exceed $20,000.00 per each eligible single-family housing unit. Rehabilitation grants for multiple family structures shall be limited to a maximum monetary award of $100,000 for 3 or more unit multi -family rental building owned and managed by a non-profit organization. ii. Repayment Terms/Timeframe The repayment of funds awarded as a rehabilitation grant is not required, except in cases where the assisted housing unit is sold prior to termination of the unit's affordable classification timeframe (10 years for owner -occupied units, 15 years for rental units). In cases where the unit is sold, the entire original grant amount must be paid back at the time of resale of the unit. iii. Interest Rate There will be no applicable interest rate for rehabilitation grants iv. Affordable Classification Timeframe Housing units whose owners receive funds from the IRCLHAProgram Rehabilitation Grant Strategy Program shall be occupied by the same qualified eligible household who received the assistance for a period of not less than ten years (10) years. Any multi- family rental building rehabilitated with SHIP funds provided pursuant to this strategy must be owned and managed by the same non-profit organization which receives the original assistance for tcn (10) fifteen (15) years. For rental units, the Indian River County SHIP office will monitor rents and renters' income eligibility on an annual basis for the 15 year life of rental rehabilitation assistance grant period. APRIL 2, 2002 -32- nu DA