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3 . Moderate - Income Persons <br /> • c . Basic Award Terms <br /> I <br /> . Maximum Monetary Award <br /> The maximum monetary award for a rehabilitation <br /> loan shall not exceed $ 20 , 000 . 00 per single - family <br /> or condominium housing unit . <br /> ii . Repayment Terms / Timeframe <br /> Rehabilitation loans are deferred payment loans , <br /> whereby repayment of the entire loan amount occurs <br /> at the time the eligible housing unit is sold or if <br /> the assisted unit is occupied by someone other than <br /> the original loan recipient . <br /> A loan recipient 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 rehabilitation <br /> loans . <br /> iv . Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Rehabilitation Loan Strategy Program <br /> shall be occupied for the duration of the <br /> outstanding rehabilitation loan by the same <br /> qualified eligible households who received the <br /> assistance in compliance with the following <br /> methods . Upon the sale of any assisted 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 Rehabilitation Loan shall be secured <br /> by a mortgage in favor of Indian River County . <br /> This mortgage may be subordinated to other <br /> rehabilitation , construction , and / or permanent <br /> mortgages applied to the same unit upon approval of <br /> the IRCLHAProgram Review Committee . This mortgage <br /> • shall serve as the eligible recipient ' s contractual <br /> commitment to comply with the requirements of the <br /> IRCLHAProgram . <br /> 33 <br />