Is the increased mortgage interest payment pro-rated or otherwise reduced if the replacement mortgage amount is between the computed buydown amount and the displacement mortgage amount?
No. In accordance with 49 CFR 24.401(d)(1) and Appendix A, Section 24.401(d), an increased mortgage interest payment may only be reduced by pro-ration if the new mortgage amount is less than the calculated buydown amount. However 49 CFR 24.401(d)(5) provides that the agency shall inform the displaced person of the approximate amount of the MIDP payment and the conditions that must be met in order to receive the full amount of the payment. Each agency must develop appropriate measures to ensure proper documentation of increased mortgage interest expense.
Related Questions
- Is the increased mortgage interest payment pro-rated or otherwise reduced if the replacement mortgage amount is between the computed buydown amount and the displacement mortgage amount?
- How should the replacement housing payment be computed and paid when accommodations need to be provided for a displaced person with disabilities?
- Will our propertys annual Replacement Reserve payment be increased 3% again?
