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7 . Land Bank - Market Purchase <br /> • a . Description <br /> The Indian River County , through the Board of County <br /> Commissioners and the IRCLHAProgram , may acquire vacant <br /> parcels or lots via the general real estate market for <br /> the purpose of providing sites for the development of <br /> eligible housing units by eligible sponsors for eligible <br /> persons . The funds for acquisition shall be delivered at <br /> the time of closing , whereby the transaction transferring <br /> ownership of the parcel or lot to the county is <br /> completed . This Market Purchase Strategy may be <br /> considered a strategy of " last resort whereby it may be <br /> utilized in the event unexpended or unencumbered funds <br /> for the IRCLHAProgram are available and expenditure <br /> through the remaining IRCLHAProgram Assistance Strategies <br /> I <br /> s unlikely . <br /> The acquired property shall be classified as a monetary <br /> asset of the IRCLHATF to be utilized as an equivalent <br /> loan to an eligible sponsor or person for the development <br /> of an eligible housing unit . <br /> Upon transfer of the acquired property to an eligible <br /> sponsor , the effective land bank loan shall be secured by <br /> . a primary or first mortgage upon the subject property <br /> until the eligible sponsor obtains the construction <br /> and / or permanent loan financing for the development and <br /> construction of a housing unit . At the time the <br /> construction / permanent financing is provided for the <br /> housing unit , the land bank loan shall be subordinated to <br /> the construction / permanent mortgage . <br /> For the purposes of the IRCLHAProgram , funds expended for <br /> property acquisition under the Land Bank Market Purchase <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 . Geographic Area <br /> Parcels acquired through land bank acquisitions for <br /> the development of housing units may be located <br /> anywhere in the County , including all <br /> municipalities located within the County . <br /> 43 <br />