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• c . Basic Award Terms <br /> i . Maximum Monetary Award <br /> The maximum monetary award for a downpayment / <br /> closing cost loan may be up to , but shall not <br /> exceed , $ 7 , 500 . 00 for awards provided to eligible <br /> moderate - income persons , up to $ 10 , 000 . 00 for <br /> awards provided to eligible low income persons , or <br /> up to $ 15 , 000 . 00 for very low - income persons . <br /> ii . Repayment Terms / Timeframe <br /> Downpayment / Closing cost loans are deferred payment <br /> loans whereby repayment of the entire loan amount <br /> occurs at the time the eligible housing unit is <br /> sold or at the time the assisted unit is occupied <br /> by someone other than the original loan recipient . <br /> Eligible persons may pay back the entire amount of <br /> the loan at any time . <br /> Recaptured funds will be deposited in the county ' s <br /> affordable housing trust fund . <br /> Interest Rate <br /> There will be no interest rate for <br /> downpayment / closing cost loans . <br /> iv . Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Downpayment / Closing Cost Loan <br /> Strategy Program shall be occupied for the duration <br /> of the outstanding downpayment / closing cost loan by <br /> the same qualified eligible households who received <br /> the assistance . <br /> Upon sale of the assisted housing unit by the <br /> owner , repayment of the outstanding loan amount <br /> shall be required , and the affordability timeframe <br /> requirement terminated . <br /> V , Compliance Agreement and Security Instrument <br /> The county ' s Downpayment / Closing Cost Loan shall be <br /> secured by a mortgage in favor of Indian River <br /> County . This mortgage may be subordinated to <br /> construction and / or permanent mortgages applied to <br /> 40Review <br /> same unit upon approval of the IRCLHAProgram <br /> Review Committee . This mortgage shall serve as the <br /> 23 <br />