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74-003
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Last modified
1/3/2012 12:34:52 PM
Creation date
6/26/2003 10:46:47 AM
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City Clerk
Doc Type
Resolution
Doc #
74-3
Date
1/7/1974
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(a) If the displaced person voluntarily purchases <br />and occupies a decent, safe, and sanitary dwelling at a price less <br />than the above, the comparable replacement housing payment will be <br />reduced to that amount required to pay the difference between the <br />acquisition price of the acquired dwelling and the actual purchase <br />price of the replacement dwelling. <br /> <br /> (b) If the displaced person voluntarily purchases <br />and occupies a decent, safe, and sanitary dwelling at a price less <br />than the acquisition price of the acquired dwelling, no differen- <br />tial payment shall be made. <br /> <br /> b. Interest payment. The head of the public agency shall de- <br />termine the amount, if any, necessary to compensate a displaced <br />person for any increased interest costs, including points paid by <br />the purchaser. Such amount shall be paid only of the acquired <br />dwelling was encumbered by a bona fide mortgage. The following <br />shall be considered: <br /> <br /> (1) The payment shall be equal to the excess in the <br />aggregate interest and other debt service costs of that amount of <br />the principal of the mortgage on the replacement dwelling which <br />is equal to the unpaid balance of the bona fide mortgage on the <br />acquired dwelling, at the time of acquisition, over the remainder <br />term of the mortgage on the acquired dwelling, reduced to discounted <br />present value. <br /> <br /> (2) The discount rate shall be the prevailing interest <br />rate paid on savings deposits by commercial banks in the general <br />area in which the replacement dwelling is located. <br /> <br /> (3) A "bona fide mortgage" is one which was a valid lien <br />on the acquired dwelling for not less than 180 days prior to the <br />initiation of negotiations. <br /> <br />c. Incidental expenses. <br /> <br /> (1) The head of the public agency shall determine the <br />amount, if any, necessary to reimburse a displaced person for ac- <br />tual costs incurred by him incident to the purchase of the replace- <br />ment dwelling (but not including prepaid expenses) such as: <br /> <br /> (a) Legal, closing and related costs including <br />title search, preparing conveyance instruments, notary fees, sur- <br />veys, preparing plats, and charges incident to recordation. <br /> <br />(b) Lenders', FHA or VA, appraisal fees. <br /> <br />(c) FHA application fee. <br /> <br /> (d) Certification of structural soundness when <br />required by lender, FHA or VA. <br /> <br />II - 15 <br /> <br /> <br />
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