§ 370.17. Replacement Housing Payments to Owner-Occupant for 180 Days or More Who Purchases a R...
23 CA ADC § 370.17Barclays Official California Code of Regulations
23 CCR § 370.17
§ 370.17. Replacement Housing Payments to Owner-Occupant for 180 Days or More Who Purchases a Replacement Dwelling.
(1) Amount of Payment. The replacement housing payment is the amount, if any, when added to the amount for which the Department acquired his dwelling, equals the actual cost which the owner is required to pay for a decent, safe, and sanitary dwelling, or the amount determined by the Department as necessary to purchase a comparable replacement dwelling, whichever is less. In the case of a prior owned dwelling, the actual cost of the prior owned dwelling will be based on the historical cost incurred at the time of its purchase. Any additional cost to bring the prior owned dwelling up to minimum decent, safe and sanitary standards may be included in the historical cost.
As used in this subsection the term “mortgage” shall include those liens as are commonly given to secure advances on, or the unpaid purchase price of, mobile homes or other vehicles, under the laws of the State of California, together with the credit instruments, if any, secured thereby.
1. The amount actually paid, if any, as points by the eligible displaced owner in the purchase of the replacement dwelling, not to exceed an amount calculated by multiplying the prevailing point rate by the amount of the eligible portion of the mortgage on the replacement dwelling, or the probable replacement cost of the acquired dwelling as determined by the Department whichever is less. A “point” is defined as 1% of the outstanding mortgage balance.
2. The amount actually paid, if any, as loan origination or service fees by the eligible displaced owner in the purchase of the replacement dwelling, not to exceed one percent of either the mortgage on the acquired dwelling, or 1% of the probable replacement cost of the acquired dwelling as determined by the Department, whichever is less.
(A) The interest rate of the mortgage on the acquired property shall be deemed to be that stated in the mortgage except that in those mortgages wherein the lender has the lawful right to make periodic adjustments in the interest rate, the interest rate in effect at the time of acquisition by the Department shall be used in the increased interest cost computation.
(1) Amount of Payment. The incidental expenses payment is the amount necessary to reimburse the homeowner for the actual costs incurred by him incident to the purchase of the replacement dwelling, but not for prepaid expenses. Such expenses shall be reasonable and legally required or customary in the community. Such costs may include, but are not limited to, the following items where actually paid by the displaced homeowner:
(J) No fee, cost, charge or expense is reimbursable as an incidental expense when it is determined to be a part of the debt service, or finance charge under the Truth in Lending Act, Title I, Public Law 90-321, and Regulation Z issued pursuant thereto by the Board of Governors of the Federal Reserve System.
The costs to relocate may include the reasonable costs of acquiring a new site and other expenses incident to retaining, moving the dwelling and restoring it to a condition comparable to that before the move.
(3) Limitations. The payment computed under Paragraphs (1) or (2) of this subsection may not exceed the amount which the owner would have obtained under subsection (b) (1) of this Section or, if no comparables are available on which to make such a determination, the cost of a new dwelling adequate to accommodate the displaced person.
Credits
Note: Authority cited: Section 7267.8, Government Code. Reference: Section 7268, Government Code.
This database is current through 5/3/24 Register 2024, No. 18.
Cal. Admin. Code tit. 23, § 370.17, 23 CA ADC § 370.17
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