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Adm 92.68(7)(a)2. 2. Larger than typical size lot. The maximum replacement payment shall be the price of a comparable dwelling on a lot typical for the area, less the price of the acquired dwelling plus the price of that portion of the acquired land which represents a lot typical for the area, when the acquired dwelling is located on a lot size larger than typical for the area.
Adm 92.68(7)(b) (b) Partial acquisition.
Adm 92.68(7)(b)1.1. Typical size lot. The maximum replacement payment shall be the selling price of a comparable dwelling on a lot typical for the area, less the value of the entire property, when an acquired dwelling is located on a lot typical for the area. An agency may purchase the remainder of the lot when requested by an owner.
Adm 92.68(7)(b)2. 2. Larger than typical size lot. The maximum replacement payment shall be the selling price of a comparable dwelling on a lot typical for the area, less the value of that portion which represents the homesite lot typical for the area, when the dwelling is located on a lot larger than typical for the area. An agency may purchase the remainder of the lot when requested by an owner.
Adm 92.68(7)(b)3. 3. Remainder property. If a buildable residential lot or an uneconomic remnant remains after a partial taking and the owner of the remaining property refuses to sell the remainder to the agency, the market value of the remainder may be added to the acquisition cost for the purposes of computing the payment.
Adm 92.68 Note Note: Under ss. 32.05 (3m) and 32.06 (3m), Stats., an agency is required to offer to purchase a remainder if it is an uneconomic remnant.
Adm 92.68(7)(c) (c) Dwelling on land with higher and better use. The maximum replacement payment shall be the selling price of a comparable dwelling on a lot typical in the area, less the price of the acquired dwelling, and the price of that portion which represents a lot typical for residential use in the area, when the market value is based on a higher and better use then residential.
Adm 92.68(7)(d) (d) Multiple occupancy of a dwelling.
Adm 92.68(7)(d)1.1. An agency shall make one replacement payment when there are 2 or more families occupying a dwelling, except when there is no comparable dwelling available. A replacement payment shall be paid to each family when a comparable is not available. The payments shall be based on housing comparable to that occupied by each family plus space shared by other persons. The acquisition price or rent used for payment computations shall be the amount each person receives from the total property acquisition payment, or when tenants, the amount each pays toward the total rent.
Adm 92.68(7)(d)2. 2. Two or more individuals who occupy a dwelling unit, shall be considered as one person for a replacement payment. An agency shall pay individuals a pro rata share of one payment, based on a comparable dwelling, regardless of whether the individuals relocate together or separately, except that payment shall be made to persons moving to decent, safe and sanitary housing.
Adm 92.68(7)(e) (e) Joint residential and business use.
Adm 92.68(7)(e)1.1. An agency shall make a replacement housing payment to a person displaced from a dwelling separately from a payment required for a business or farm on the same property.
Adm 92.68(7)(e)2. 2. An agency shall compute a replacement housing payment for a person who occupied one unit of a multi-family or a mixed-use property provided:
Adm 92.68(7)(e)2.a. a. The comparable property shall be the same as a property acquired. For example, a comparable shall be a triplex when the acquired property is a triplex. Dwellings of the next lower density shall be used when there is no comparable. A single-family dwelling shall be used as the comparable for a person's dwelling when there are no comparable multi-family or mixed-use dwellings;
Adm 92.68(7)(e)2.b. b. The carve-out value of the dwelling shall be used for a replacement housing determination, not the market value of an entire property. A replacement housing payment is the difference, if any, between the value of the acquired dwelling unit and the value of a comparable dwelling unit in the most comparable property.
Adm 92.68(8) (8)Nonprofit organization. A nonprofit organization or a religious society which meets the eligibility requirements applicable for a residential tenant or owner shall be eligible for a replacement housing payment under this subchapter. A nonprofit organization or religious society eligible for and claiming a replacement business payment under this subchapter may not receive a payment under subch. VI.
Adm 92.68(9) (9)Payment amount. A differential payment, an increased interest payment and an incidental expense payment may not exceed $25,000 for a 180-day owner-occupant, and a rent differential or downpayment may not exceed $8,000 for a 90-day occupant, except for the following:
Adm 92.68(9)(a) (a) An agency may exceed the amounts in sub. (9) if necessary to obtain a comparable replacement dwelling;
Adm 92.68(9)(b) (b) An agency may provide assistance in addition to that required in sub. (9) if a comparable dwelling is unavailable within a person's financial means. The additional assistance may include one or more of the following methods:
Adm 92.68(9)(b)1. 1. A replacement payment in excess of the amounts in sub. (9);
Adm 92.68(9)(b)2. 2. An offer of government assisted housing which is available and adequate for the needs of the displaced person;
Adm 92.68(9)(b)3. 3. Rehabilitation of or addition to an existing dwelling;
Adm 92.68(9)(b)4. 4. Provision of a direct loan requiring regular amortization or a deferred repayment;
Adm 92.68(9)(b)5. 5. Relocation and rehabilitation of a dwelling;
Adm 92.68(9)(b)6. 6. Purchase of land or a replacement dwelling by the displacing agency with subsequent sale or lease back to, or exchange with, a displaced person;
Adm 92.68(9)(b)7. 7. Construction of a new dwelling.
Adm 92.68(9)(b)8. 8. Change in occupancy status of the displaced person from tenant to homeowner when it is more cost effective to do so.
Adm 92.68(9)(c) (c) An agency may limit payment to the amount necessary to relocate to a comparable replacement within one year from the date the person is paid for the displacement dwelling, or one year from the date the person is initially offered a comparable replacement dwelling and advised of replacement payment entitlements, whichever is later.
Adm 92.68 History History: Cr. Register, March, 1986, No. 363, eff. 4-1-86; renum. (1) to be (1) (a) and am., cr. (1) (b), (9) (b) 8. and (c), am. (3), Register, November, 1989, No. 407, eff. 12-1-89; corrections made under s. 13.93 (2m) (b) 7., Stats., Register, April, 1996, No. 484; am. (9) (b) (intro.), Register, March, 1997, No. 495, eff. 4-1-97; correction in (2), (3), (4) (a) made under s. 13.92 (4) (b) 7., Stats., Register December 2011 No. 672.
Adm 92.70 Adm 92.70 180-day owner who purchases. An agency shall pay an owner-occupant of a dwelling who purchases a replacement, a payment for the differential cost to purchase a comparable dwelling, for the loss of favorable financing on an existing mortgage or land contract in financing a replacement dwelling, and for expense incidental to the purchase. A payment shall be determined as follows:
Adm 92.70(1) (1)Eligibility requirements. A displaced person shall be eligible for a payment when the person:
Adm 92.70(1)(a) (a) Owns and occupies the property for not less than 180 days immediately before the date of initiation of negotiations for the acquisition of the property, or the date of vacation when given a notice of intent to acquire, whichever is earlier;
Adm 92.70(1)(b) (b) Purchases and occupies a decent, safe and sanitary replacement dwelling within one year from the date the owner received final payment for the acquired property or the date the owner vacates the acquired property, or an extended date established by the agency for good cause, whichever is later. For the purpose of this section a replacement dwelling is purchased when a person:
Adm 92.70(1)(b)1. 1. Acquires an existing dwelling;
Adm 92.70(1)(b)2. 2. Relocates or rehabilitates a dwelling owned or acquired;
Adm 92.70(1)(b)3. 3. Purchases a life estate in a retirement facility;
Adm 92.70 Note Note: The cost shall be the entrance fee plus the present worth of a monetary commitment in a retirement facility to the facility, but may not include a periodic service charge;
Adm 92.70(1)(b)4. 4. Contracts to build or builds a new decent, safe and sanitary dwelling on a site owned or acquired.
Adm 92.70 Note Note: Construction cost, including the value of labor furnished by a displaced person, shall be limited to that cost necessary to purchase a comparable dwelling.
Adm 92.70(2) (2)Differential amount payable. A differential amount payable is an amount, if any, when added to the acquisition payment for an acquired dwelling, equals an amount a person pays for a replacement, or an amount determined by an agency as necessary to purchase a comparable replacement, whichever is less. A replacement payment shall include the cost to modify a property to meet comparable standards or code requirements.
Adm 92.70(3) (3)Selection and cost of comparable and actual replacements. An agency shall determine the cost of a comparable replacement by analyzing 3 or more comparable replacement dwellings, and selecting the one that is the most comparable. Fewer may be analyzed if 3 are not available.
Adm 92.70(3)(a) (a) An agency may adjust the asking price of the selected comparable if considered justified on the basis of local market conditions. The agency's relocation plan shall specify if adjustments will be made for the project, the basis for this determination and the method of adjustment to be used.
Adm 92.70(3)(b) (b) The cost of physical changes or improvements necessary to meet comparable standards in the selected comparable or the actual replacement shall be included in the maximum replacement payment.
Adm 92.70(3)(c) (c) An agency shall select comparable dwellings from the neighborhood of a displaced person provided the area is not designated for governmental acquisition and displacement, or subject to adverse environmental conditions.
Adm 92.70(3)(d) (d) An agency shall select comparable dwellings from adjacent or nearby neighborhoods in ascending order of cost when there are no comparable dwellings in the neighborhood of a displaced person.
Adm 92.70(3)(e) (e) An agency, to promote racially integrated housing, may select comparable dwellings from an adjacent or nearby neighborhood having less concentrated racial composition, when desired by a displaced minority person.
Adm 92.70(3)(f) (f) The selected comparable shall be equal to or better than the acquired property and a payment shall be based on new construction when there is no comparable dwelling available.
Adm 92.70(4) (4)Revision to selected comparable amount. An agency, upon request of a displaced person, shall offer a comparable dwelling within the maximum differential amount determined. Another comparable study shall be made to determine a new replacement payment when there is no comparable dwelling available except the new replacement payment may not be less than the original payment.
Adm 92.70(5) (5)Increased interest payment.
Adm 92.70(5)(a)(a) General. An agency shall pay a displaced person for the increased interest expense and other debt service costs incurred in financing the purchase of a comparable replacement dwelling, if:
Adm 92.70(5)(a)1. 1. The acquired dwelling was encumbered by a bona fide mortgage or land contract;
Adm 92.70(5)(a)2. 2. The mortgage or land contract was executed in good faith not less than 180 days before initiation of negotiations to purchase the property;
Adm 92.70(5)(a)3. 3. All bona fide mortgages or land contracts that were valid liens on the displacement dwelling for at least 180 days before initiation of negotiations on the acquired dwelling shall be used to compute the increased interest payment.
Adm 92.70(5)(b) (b) Payment computation. The increased interest payment shall be computed as follows:
Adm 92.70(5)(b)1. 1. The interest payment shall be an amount which will reduce the mortgage balance on the replacement dwelling to an amount which could be amortized with the same monthly payment for principal and interest as that for the mortgage or mortgages on the displacement dwelling, except that the payment for a person obtaining a mortgage that is less than the mortgage balance computed in the buydown determination, shall be prorated and reduced accordingly. In the case of a home equity loan, the unpaid balance shall be that balance which existed 180 days before the initiation of negotiations or the balance on the date of acquisition, whichever is less.
Adm 92.70(5)(b)2. 2. The amount paid by a person as points, loan origination or assumption fees, but not seller's points, shall be based on the amount refinanced, not exceeding the amount which would have been paid had the original mortgage been refinanced, and shall be added to the amount as specified under subd. 1. The origination or assumption fee shall be limited to the fee normal for real estate transactions in the area.
Adm 92.70(5)(c) (c) Interest rate on replacement dwelling mortgage. The interest rate on the mortgage for a replacement dwelling used in the computation may not exceed the rate typically charged by mortgage lenders in the area.
Adm 92.70(5)(d) (d) Mortgage term. The payment shall be based on the remaining term of the mortgage or mortgages on the displacement dwelling regardless of the term on the new mortgage.
Adm 92.70(5)(e) (e) Adjustment to interest payment amount.
Adm 92.70(5)(e)1.1. Larger than typical size lot. The interest payment shall be reduced to the percentage ratio that the value of the typical residential portion is to the value of the entire property before acquisition, when a dwelling is located on a lot larger than typical for the area.
Adm 92.70(5)(e)2. 2. Multi-use property. The interest payment on multi-use property shall be reduced to the percentage ratio that the residential value of the multi-use property is to the value of the entire property before acquisition.
Adm 92.70(5)(e)3. 3. Dwelling on land with higher and better use. An agency shall compute an interest payment as specified under par. (b) when a dwelling is located on land where the fair market value is established on a higher and better than residential use, and when the mortgage is based on residential value. The interest payment shall be reduced to the percentage ratio that the estimated residential value of the land is to the value of the entire property before acquisition, when the mortgage is based on the higher use.
Adm 92.70(5)(f) (f) Prompt payment. An agency shall advise a displaced person of the approximate amount of a refinancing payment as soon as the facts relative to a person's current mortgages are known. If requested by the displaced person, the refinancing payment shall be made available at or near the time of closing on the replacement to permit reduction of the new mortgage amount.
Adm 92.70(6) (6)Incidental expense payment. An agency shall pay a person for actual and reasonable expense incurred incidental to the purchase of a replacement dwelling. The payment shall include the following:
Adm 92.70(6)(a) (a) Legal, closing and related cost including title search, preparing conveyance contracts, notary fees, surveys, preparing drawings or plats and recording fees;
Adm 92.70(6)(b) (b) Lender, appraisal or application fees, and loan origination or assumption fees that do not represent prepaid interest;
Adm 92.70(6)(c) (c) Certification of structural soundness;
Adm 92.70(6)(d) (d) Credit reports;
Adm 92.70(6)(e) (e) Owner or mortgagee title insurance policy or abstract of title;
Adm 92.70(6)(f) (f) Escrow agent fee;
Adm 92.70(6)(g) (g) Other expense approved by an agency.
Adm 92.70 Note Note: The payment may not include a prepaid expense (e.g. taxes, water, fuel) or fee, cost, charge or expense which is part of a debt service or finance charge under 15 USC 1631-1641 and Regulation Z issued pursuant thereto by the board of governors of the federal reserve system.
Adm 92.70(7) (7)Owner-occupant retains dwelling. An owner-occupant may purchase the property back from an agency and move it to another location following receipt of payment for the acquired property, and when not inconsistent with project development. The replacement payment shall be determined as follows:
Adm 92.70(7)(a) (a) Amount payable. The payment shall be the amount, if any, between the acquisition price and the cost to relocate the dwelling. The cost to relocate shall include the purchase-back price, the cost to acquire and develop a new site, or when moved to retained land, the market value of the residential lot, installing utility service, constructing a foundation, moving the dwelling, restoring it to comparable standards and other moving costs.
Adm 92.70(7)(b) (b) Limitation. The differential payment under this subsection may not exceed the amount necessary to purchase a comparable replacement dwelling as specified under sub. (3), plus any increased interest or incidental expense payment due under subs. (5) and (6).
Adm 92.70(8) (8)Replacement payment conversion. An agency shall pay a person as specified under this section. A replacement payment for a prior move to a rental unit shall be deducted from the amount payable under this section. The combined payment may not exceed $25,000, unless a person is eligible for a payment in excess of $25,000 under s. Adm 92.68 (9).
Adm 92.70 History History: Cr. Register, March, 1986, No. 363, eff. 4-1-86; am. (1) (b) (intro.), (5) (a) and (b) and (6) (b), r. and recr. (5) (d), cr. (5) (f), Register, November, 1989, No. 407, eff. 12-1-89; correction in (8) made under s. 13.93 (2m) (b) 7., Stats., Register, April, 1996, No. 484; correction in (8) made under s. 13.92 (4) (b) 7., Stats., Register December 2011 No. 672.
Adm 92.72 Adm 92.72 180-day owner who rents.
Adm 92.72(1) (1) General. An agency shall pay a person who rents a replacement dwelling, and is eligible for a replacement payment as specified under s. Adm 92.68 (1), a rental assistance payment not to exceed $8,000 for 4 years.
Adm 92.72(2) (2)Computation of payment. The payment shall be computed as specified under s. Adm 92.78, except the economic rent of the acquired dwelling shall be used to compute the payment.
Adm 92.72 History History: Cr. Register, March, 1986, No. 363, eff. 4-1-86; am. (2), Register, November, 1989, No. 407, eff. 12-1-89; corrections made under s. 13.93 (2m) (b) 7., Stats., Register, April, 1996, No. 484; correction in (1), (2) made under s. 13.92 (4) (b) 7., Stats., Register December 2011 No. 672.
Adm 92.74 Adm 92.74 90-day owner or tenant who purchases.
Adm 92.74(1)(1) General. An agency shall pay a person who has occupied a dwelling for not less than 90 days before initiation of negotiations, an amount up to $8,000 for a downpayment on the purchase of a replacement dwelling and reimbursement for expenses incidental to purchase.
Adm 92.74(2) (2)Computation of down payment and incidental cost.
Adm 92.74(2)(a)(a) An agency shall pay a person a downpayment assistance payment equal to a rental assistance payment computed as specified under s. Adm 92.78.
Adm 92.74(2)(b) (b) An amount required to be paid by a person for incidental cost as specified under s. Adm 92.70 (6), shall be added to the amount as specified under par. (a).
Adm 92.74(2)(c) (c) An agency shall pay a person who purchases and occupies a decent, safe and sanitary dwelling within one year after the date the person moves from the dwelling or the date the person receives payment for the acquired property, whichever is later. The agency may extend this period for good cause.
Adm 92.74(3) (3)Limitation.
Adm 92.74(3)(a)(a) An agency may require that the full amount of the downpayment assistance payment be applied to the purchase price of the replacement dwelling or related incidental expenses, except that an agency may pay the downpayment assistance directly to a displaced person upon reasonable assurance that the displaced person will apply the payment toward replacement housing costs.
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Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.