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displacement dwelling. This payment will assist you in purchasing a <br />comparable decent, safe, and sanitary (DS &S) replacement dwelling. <br />The City will compute the maximum payment you may be eligible to <br />receive. <br />In order to receive the full amount of the calculated price <br />differential, you must spend at least the amount calculated by the <br />City on a replacement property. <br />The Mortgage Differential payment will reimburse you for any <br />increased mortgage interest costs you might incur because the <br />interest rate on your new mortgage exceeds the interest rate on the <br />property acquired by the City. The payment computation is complex <br />as it is based on prevailing rates, your existing loan and your new <br />loan. Also, a part of this payment may be prorated such as <br />reimbursement for a portion of your loan origination fees and <br />mortgage points. <br />To be eligible to receive this payment, the acquired property must <br />have been encumbered by a bona fide mortgage which was a valid <br />lien for at least 180 days prior to the initiation of negotiations. <br />You may also be reimbursed for any actual and necessary Incidental <br />Expenses that you incur in relation to the purchase of your <br />replacement property. These expenses may be those costs for title <br />search, recording fees, credit report, appraisal report, and certain <br />other closing costs associated with the purchase of property. You <br />will not be reimbursed for any recurring costs such as prepaid real <br />estate taxes and property insurance. <br />11 <br />55B -103 <br />