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ii . Housing Unit Classification <br /> • All housing units resulting from the IRCLHAProgram <br /> Land Bank Acquisition Strategy shall be owner - <br /> occupied single - family residences . Mobile homes <br /> are not eligible . <br /> Applicant Classification <br /> ( a ) Land bank acquisitions may be awarded to the <br /> following : <br /> 1 . Non - profit Organizations <br /> ( b ) Land bank acquisitions shall result in eligible <br /> housing for the following eligible 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 tax deed purchase <br /> • strategy may be utilized only as a strategy of <br /> " last resort " . <br /> lie 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 or if the assisted unit is <br /> occupied by someone other than the original <br /> recipient . <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 /> iii . Interest Rate <br /> There will be a no interest rate for land bank <br /> loans . <br /> • iv . Affordable Classification Timeframe <br /> Housing units whose owners receive funds from the <br /> IRCLHAProgram Land Bank Acquisition Strategy <br /> 47 <br />