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• for expending SHIP funds for each fiscal year . <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Land Acquisition Loan Strategy <br /> Program shall be occupied for the duration of the <br /> outstanding land acquisition loan by the same <br /> qualified eligible households who received the <br /> 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 Land Acquisition Loan shall be secured <br /> by a mortgage in favor of Indian River County . <br /> This mortgage may be subordinated to construction <br /> and / or permanent mortgages applied to the same unit <br /> upon approval of the IRCLHAProgram Review <br /> Committee . This mortgage shall serve as the <br /> eligible recipient ' s contractual commitment to <br /> comply with the requirements of the IRCLHAProgram . <br /> • d . Applicant Selection Criteria <br /> Applications are reviewed based on a first come first <br /> reviewed basis , and applicants are chosen per the <br /> following criteria as described in section III . D . 4 . of <br /> this plan . <br /> • Income Eligibility <br /> • Employment Verification <br /> • Asset Verification <br /> • Homebuyer Status <br /> • Credit Verification <br /> i <br /> 29 <br />