Regulation .08 Reimbursement Limits and Deductibles.
Regulation .08 Reimbursement Limits and Deductibles.LinkCopy Citation
A.
A reimbursement of eligible site rehabilitation costs paid from the Fund for an approved application received by the Department on or after July 1, 2005:
(1)
May not exceed a total of $20,000 per occurrence; and
(2)
Is subject to a deductible of $500 per occurrence.
B.
If an approved application was received by the Department on or after July 1, 2022, a reimbursement allocation is limited as follows:
(1)
If the value of the residential property is less than or equal to $300,000, the reimbursement allocation is:
(a)
100 percent of the eligible site rehabilitation costs; and
(b)
Up to a total of $20,000, less the $500 deducible;
(2)
If the value of the residential property is greater than $300,000 and less than or equal to $600,000, the reimbursement allocation is:
(a)
50 percent of the eligible site rehabilitation costs; and
(b)
Up to a total of $10,000, less the $500 deductible; or
(3)
If the value of the residential property is greater than $600,000, the reimbursement allocation is:
(a)
25 percent of eligible site rehabilitation costs; and
(b)
Up to a total of $5,000, less the $500 deductible.