Section R17-3-305. Relocation Assistance; 49 CFR 24, Subpart E - Replacement Housing Payments

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49 CFR 24.401 “Replacement housing payment for 180-day home- owner-occupants” in paragraph (d)(3) is amended to read:

The interest rate on the new mortgage used in determining the amount of the payment shall not exceed the prevailing fixed interest rate for conventional mortgages currently charged by mortgage lending institutions in the area in which the replace- ment dwelling is located. If a displaced person chooses to buy down the interest rate, the agency shall:

1.        Require documents indicating the initial interest rate,

2.        Require documents indicating the final interest rate, and

3.        Limit reimbursement to the lower of the amount the dis- placed person actually paid to buy down the interest rate

                    
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