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)(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)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)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 NoteNote: 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.