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ii . Repayment Terms / Timeframe <br /> The repayment of funds awarded as a rehabilitation <br /> grant is not required , except in cases where the <br /> assisted housing unit is sold prior to termination <br /> of the unit ' s affordable classification timeframe <br /> ( 10 years ) or if the assisted unit is occupied by <br /> someone other than the original grant recipient . In <br /> cases where the unit is sold , the entire original <br /> grant amount must be paid back at the time of <br /> resale of the unit . <br /> Recaptured funds will be deposited in the county ' s <br /> affordable housing trust fund . <br /> iii . Interest Rate <br /> There will be no interest rate for rehabilitation <br /> grants <br /> iv . Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Rehabilitation Grant Strategy Program <br /> shall be occupied for a period of not less than ten <br /> years ( 10 ) years by the same qualified eligible <br /> household who received the assistance . <br /> v . Compliance Agreement and Security Instrument <br /> The county ' s rehabilitation grant shall be secured <br /> by a mortgage in favor of Indian River County . <br /> This mortgage shall serve as the eligible <br /> recipient ' s contractural commitment to comply with <br /> the requirements of the IRCLHAProgram . This <br /> mortgage will be satisfied after termination of the <br /> unit ' s affordable classification timeframe ( 10 <br /> years) . <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 /> 41 <br />