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9 . i <br /> • 4 . Land Acquisition Loans <br /> a . Description <br /> The IRCLHAProgram anticipates providing low - interest <br /> loans to eligible non - profit sponsors for the acquisition <br /> of vacant parcels or lots for the purpose of providing <br /> eligible housing units for eligible persons . The funds <br /> for acquisition shall be delivered at the time of <br /> closing , whereby the transaction transferring ownership <br /> of the parcel or lot to the eligible sponsor is <br /> completed . <br /> The land acquisition loan shall be a primary or first <br /> mortgage upon the subject property purchased until the <br /> eligible sponsor obtains the construction and / or <br /> permanent loan financing for development and construction <br /> of the housing unit . At the time the construction / <br /> permanent financing is provided for the housing unit , the <br /> land acquisition loan shall be subordinated to the <br /> construction / permanent mortgage . <br /> For the purposes of the IRCLHAProgram , funds expended for <br /> property acquisition under the Land Acquisition Loan <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 /> I <br /> . Geographic Area <br /> Land acquisition loans may be made anywhere in the <br /> County , including all municipalities located within <br /> the County . <br /> ii . Housing Unit Classification <br /> All housing units utilizing assistance from the <br /> IRCLHAProgram Land Acquisition Loan Strategy shall <br /> be owner - occupied single - family residences . Mobile <br /> homes are not eligible . <br /> 27 <br />