001-2 Wyo. Code R. § 2-10

Current through April 27, 2019

Section 2-10 - Replacement Housing Payments for Owner-Occupant for 180 Days or More Who Purchases

a. A displaced owner-occupant is eligible to receive additional replacement housing assistance, not to exceed fifteen thousand dollars ($15,000.00) to purchase replacement housing, as compensation for the loss of favorable financing on an existing mortgage or as reimbursement for authorized incidental expenses incident to purchase of replacement housing if:

(1) He is in occupancy at the initiation of negotiations for the acquisition in whole or in part of the real property occupied; or

(2) He is in occupancy at the time he is given a written notice of intent to acquire the property by a certain date; and

(3) He has been in occupancy and ownership for at least one hundred and eighty (1 80) days prior to the earliest of:
- (a) the date he vacated the property as a result of a notice of intent to acquire; or
- (b) the date of the initiation of negotiations for the parcel; and

(4) The property was acquired from him by the Department; and

(5) He purchases and occupies a decent, safe, and sanitary dwelling within the applicable time period specified in Section 8. a. of these Rules and Regulations.

b. A displaced owner-occupant is deemed to have "purchased" a dwelling when he:

(1) Acquires an existing dwelling; or

(2) Purchases a life estate in a retirement home; or

(3) Relocates or rehabilitates a dwelling he owns or acquired; or

(4) Constructs a comparable decent, safe and sanitary dwelling on a site which he owns.

c. Replacement Housing Assistance to compensate a displaced owner-occupant for increased interest costs in financing a replacement dwelling will be allowed only when the acquired dwelling was encumbered by a bona fide mortgage which was a valid lien on such dwelling for not less than one hundred eighty (180) days prior to the established eligibility date specified in Section 8. a. of these Rules and Regulations.

d. The displaced owner-occupant eligible for replacement housing assistance under these Rules and Regulations is eligible to receive a payment in an amount necessary to reimburse him for actual costs incident to the purchase of a comparable replacement dwelling. Such costs may include legal closing, and related costs such as title search and survey costs, appraisal and application fees, escrow fees and transfer taxes, except that no fee, cost, charge or expense is reimbursable if determined to be part of the debt service or finance charge under 15 U.S.C., Sections 1631 to 1641, or Regulation Z issued in pursuance thereof by the Federal Reservice System.

e. The combined replacement housing assistance payments to a displaced owner-occupant made pursuant to these Rules and Regulations may not exceed fifteen thousand dollars ($15,000.00).

f. A displaced owner-occupant shall be allowed the option of retaining his dwelling and he shall be entitled to receive reimbursement for the reasonable costs of acquiring a new site, moving the dwelling, and restoring it to a condition comparable to that before the move. Payment shall be the amount by which the above costs exceed the price paid for the dwelling to a maximum of that amount computed in 9.d.

001-2 Wyo. Code R. § 2-10