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8 . Land Bank - Tax Deed 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 by purchasing the properties via Tax Deed <br /> Auction for the purpose of providing sites for the <br /> development of eligible housing units by eligible <br /> sponsors for eligible persons . The funds for acquisition <br /> shall be delivered at the time of tax deed sale , whereby <br /> the transaction transferring ownership of the parcel or <br /> lot to the county is completed . This Tax Deed Purchase <br /> Strategy may be considered a strategy of " last resort " <br /> whereby it may be utilized in the event unexpended or <br /> unencumbered funds for the IRCLHAProgram are available <br /> and expenditure through the remaining IRCLHAProgram <br /> Assistance Strategies is 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 Tax Deed <br /> Purchase 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 /> N <br /> . 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 /> 46 <br />