Section 1874.03 - Replacement Housing Payment to Owner-Occupant for Less than 180 Days but Not Less than 90 Days Who Purchases a Replacement Dwelling(a) General. A displaced owner-occupant otherwise eligible under Section 1874.01 (a) except that he has owned and occupied the dwelling for less than 180 days but not less than 90 days may receive an amount, not to exceed $4,000.00, to enable him to make a downpayment on the purchase of a replacement dwelling and reimbursement for actual expenses incident to such purchase; or for additional costs to relocate his retained dwelling in accordance with the following.(b) Computation of Downpayment and Incidental Expenses.(1) The amount of the downpayment shall be determined by the Department as the amount required as a typical downpayment on a comparable dwelling if such purchase was financed with a conventional loan, plus the amount required to be paid by the purchaser as points and/or an origination or loan services fee (not to exceed one percent of the probable replacement cost of the acquired dwelling as determined by the Department or one percent of the loan on the replacement dwelling whichever is less), if such fees are normal to real estate transactions in the area.(2) The expenses incident to the purchase of replacement housing as provided in Section 1874.01(d);(3) Upon purchase and occupancy of a decent, safe and sanitary dwelling by the relocatee within the time limits specified by Section 1874(b) the relocatee may be reimbursed: (A) The amount of the downpayment determined in subsection (b)(1) of this Section and the eligible incidental expenses if the total amount of both does not exceed $2,000.00, or if more than $2,000.00;(B) $2,000.00, plus 50 percent of the amount in excess of $2,000.00 providing the relocatee contributes 50 percent of the amount in excess of $2,000.00. In no event may the combined payments exceed $4,000.00.(4) The full amount of the downpayment must be applied to the purchase price and eligible incidental costs, such downpayment and incidental costs claimed must be shown in the closing statement.(c) Owner Retention of Dwelling. The owner may retain his dwelling and the replacement housing payment, if any, will be determined in accordance with the provisions of Section 1874.01(e)(1) and (2) but in no event will such payment exceed $4,000.00.Cal. Code Regs. Tit. 2, § 1874.03
1. Amendment filed 3-11-76 as an emergency; effective upon filing (Register 76, No. 11).
2. Certificate of Compliance filed 6-11-76 (Register 76, No. 24).