County of Hawai'i Displacement Plan

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x•• .k. Federal Register / Vol. 54, No. 40 / Thursday, March 2, 1989 / Rules and Regulations 8941 j The purchase price of the decent. fide mortgages that were valid liens on purchase of " ,•:'"'.." a replacement dwelling,and .. e,and sanitary replacement dwelling the displacement dwelling for at least customarily paid by the buyer, - actually purchased and occupied by the 180 days prior to the initiation of including: •' displaced person. negotiations.Paragraphs(d)(1)through (1)Legal,rias ,. (2)Mixed•use and multifamily (5)of this section ah apply to the includingfoggy and related costs. properties.If the displacement dwellingcomputationmortgage those for title search. P of the increased was part of a property that contained interest costs a preparing fees,conveyance Instruments, n and payment. which payment notary preparing surveys plats, anotherdwelling unit and/or space used shall be contingent upon a mortgage and recording fees. • for purposes,and/or is being placed on the replacement located on a lot larger than typical for dwelling. (2)appraisalLendeFHA.or VA application residential purposes,only that portion of (1)The paymentand nofees. shall be based on the the acquisition payment which is unpaid mortgage balances on the fees)that do npprepaid on or ree aid actually attributable to the displacement displacement dwelling:however.In the interest representP P d dwelling shall be considered its event the person obtains a smaller acquisition cost when computing the mortgage than the mortgage bale• ( ) un Certs m t to of structural price differential computed in the buydown determination soundness and termite inspection when (3)Insurance proceeds.To the extent the payment will be prorated endreqs ' necessary to avoid duplicate �� y( Appendix A reduced s (5)Credit report compensation.the amount of any of this part.)In the case of a hoose (61 Owner's and mortgagee's evidence insurance proceeds received by a person equity loan the unpaid balance shall be of title,e.g..title insurance,not to in connection with a loss to the that balance which existed 180 days exceed the costs for a comparable displacement dwelling due to a prior to the initiation of negotiations or replacement dweWng. catastrophic occurrence(fire,flood,etc) the balance on the date of acquisition. (7)Escrow agent's fee. shall be included in the acquisition cost whichever is less. (8)State revenue or documentary of the displacement dwelling when (2)The payment shall be based on the s a ,sales or transfer taxes(not to computing the price differential.(Also remaining terof the mortgage(s)on the exceed the costs for a comparable m see 1 24.3.) displacement dwelling or the term of the replacement dwelling). (41 Owner retention of displacement new mortgage,whichever is shorter. (0)Such other costs as the Agency dwelling.If the owner retains ownership (3)The Interest rate on the new determines to be incidental to the of his or her dwelling.moves It from the mortgage used in determining the Purchase. displacement site,and reoccupies it on a amount of the payment shall not exceed 01 Rental essisiancpoyment far MO- replacement site,the purchase price of the prevailing fixed interest rate for day homeowner.A 180-day homeowner- the replacement dwelling shall be the conventional mortgages currently occupant who could be eligible for a sum ofIn bymortgage lending institutions replacement housing payment under (i)The cost of moving and restoring in which the replacement paragraph(a)of this section but elects the dwelling to a condition comparable dwelling is located, to rent a replacement dwelling,is to that prior to the move:and (4)Purchaser's points and loan eligible for a rental assistance payment (Ii)The cost of making the unit a origination or assumption fees,but not not to exceed$5,250,computed and decent.safe,and sanitary replacement seller's points.shall be paid to the disbursed in accordance with dwelling(defined at;24�and extent: 124.402(bl. (iii)The current fairm value for (i)They are not paid as incidental residential use of the replacement site expenses; a housing payment (see Appendix A of this part, (ii)They do not exceed rates normal ti00day 24.401(4(41(tiif,unless the claimant to similar real estate transactions in the (a)Eligibility.A tenant or owner- rented the displacement site and there is area; occupant displaced from a dwelling is a reasonable opportunity for the (ill)The Agency determines them to entitled to a payment not to exceed claimant to rent a suitable replacement be necessary:and $5,250 for rental assistance,as computed site;and (Iv)The computation of such points in accordance with paragraph(b)of this (iv)The retention value of the and fees shall be based on the unpaid section,or downpayment assistance,as dwelling.if such retention value is mortgage balance on the displacement computed In accordance with paragraph reflected in the"acquisition cost"used dwelling,less the amount determined for (c)of this section.If such displaced when computing the replacement the reduction of such mortgage balance Perm housing payment. under this section. (1)Has actually and lawfully occupied (d)Increased mortgage interest cosh. (5)The displaced person shall be the displacement dwelling for at least 90 The displacing agency shall determine advised of the approximate amount of days immediately prior to the initiation the factors to be used in computing the this payment and the conditions that of negotiations;and amount to be paid to a displaced person must be met to receive the payment as (2)Has rented,or purchased,and under paragraph(b)(2]of this section, soon as the facts relative to the person's occupied a decent.safe.and sanitary The payment for increased mortgage current mortgage(s)are known and the replacement dwelling within 1 year Interest cost shall be the amount which payment shall be made available at or (unless the Agency extends this period will reduce the mortgage balance on a near the time of closing on the for good cause)after new mortgage to an amount which could replacement dwelling in order to reduce (i)For a tenant,the data he or she be amortized with the same monthly the new mortgage as intended. moves from the displacement dwelling, payment for principal and interest as (e)incidental expenses.The or that for the mortgaagge(s)on the incidental expanses to be paid under (ii)For an owner-occupant the later displacement dwelling.In addition, paragraph(b)(3)of this section or of: payments shall Include other debt E 24.402(c)(1)are those necessary and (A)The date he or she receives final service costs,if not paid as incidental reasonable costs actually incurred by payment for the displacement dwelling, costs,and shall be based only on bons the displaced person Incident to the or in the case of condemnation,the date