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Interest Rate <br /> • There will be a no interest rate for land bank <br /> loans . <br /> iv . Affordable Classification Timeframe <br /> Loans to non - profit organizations for land bank <br /> must be transferred to very low and low income <br /> households within the timeframe allowed by the <br /> Local Housing Assistance Plan for expending SHIP <br /> fund for each fiscal year . Housing units whose <br /> owners receive funds from the IRCLHAProgram Land <br /> Bank Market Purchase Strategy Program shall be <br /> occupied for the duration of the outstanding land <br /> bank acquisition loan by the same qualified <br /> eligible households who received the assistance . <br /> Upon sale of the assisted housing unit by the <br /> owner , repayment of the outstanding land bank loan <br /> amount shall be required and the affordability <br /> timeframe requirement terminated . <br /> v . Compliance Agreement and Security Instrument <br /> The county ' s Land Bank Market Purchase Loan shall <br /> be secured by a mortgage in favor of Indian River <br /> County . This mortgage may be subordinated to <br /> construction and / or permanent mortgages applied to <br /> the same unit upon approval of the IRCLHAProgram <br /> Review 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 /> 45 <br />