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4 <br /> Housing Unit Classification <br /> All housing units resulting from the IRCLHAProgram <br /> Land Bank Market Purchase Acquisition Strategy <br /> shall be owner - occupied - single - family residences . <br /> Mobile homes are not eliible . <br /> Applicant Classification <br /> ( a ) Land bank acquisitions may be awarded to the <br /> following : <br /> 1 . Non - profit Organizations for building <br /> affordable housing units for very low and <br /> low income persons . <br /> ( b ) Land bank acquisitions shall result in <br /> eligible housing for the following eligible <br /> persons : <br /> 1 . Very Low - Income Persons <br /> 2 . Low - Income Persons <br /> c . Basic Award Terms <br /> i . Maximum Monetary Award <br /> The maximum monetary award for a land bank <br /> acquisition expenditure shall not exceed $ 15 , 000 . 00 <br /> per each buildable lot . The market purchase <br /> strategy may be utilized only as a strategy of <br /> " last resort " . <br /> ii . Repayment Terms / Timeframe <br /> Land bank acquisitions whereby ownership of the <br /> subject property is transferred to an eligible <br /> sponsor or person shall be classified as deferred <br /> payment loans . Repayment of the entire loan amount <br /> ( the value of the property ) occurs at the time the <br /> parcel or lot and its corresponding eligible <br /> housing unit is sold of if the assisted unit is <br /> occupied by someone other than the original <br /> recipient . The original transfer of loan to very <br /> low and low income households by the non - profit <br /> organization does not require repayment of the <br /> loan . <br /> Eligible persons 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 /> 44 <br />