11-964
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11-964. Replacement housing for homeowners A. In addition to payments otherwise authorized by this article, the displacing agency shall make an additional payment, of not more than twenty-two thousand five hundred dollars, to any displaced person who is displaced from a dwelling actually owned and occupied by the displaced person for not fewer than one hundred eighty days before the initiation of negotiations for the acquisition of the property. This additional payment shall include the following amounts as determined by the acquiring agency: 1. The amount, if any, which, when added to the acquisition cost of the dwelling acquired by the displacing agency, equals the reasonable cost of a comparable replacement dwelling. 2. The amount, if any, which will compensate the displaced person for any increased interest costs and other debt service costs which the person is required to pay for financing the acquisition of any comparable replacement dwelling. The displacing agency shall pay this amount only if the dwelling acquired by the displacing agency was encumbered by a bona fide mortgage which was a valid lien on the dwelling for not fewer than one hundred eighty days immediately before the initiation of negotiations for the acquisition of the dwelling. 3. Reasonable and necessary expenses incurred by the displaced person for evidence of title, recording fees and other closing costs incident to the purchase of the replacement dwelling, if normally paid by the buyer, but not including prepaid expenses. B. The additional payment authorized by this section shall be made only to a displaced person who purchases and occupies a comparable replacement dwelling within one year after the date on which the person receives final payment from the displacing agency for the acquired dwelling or the date on which the obligation of the displacing agency under section 11-971 is met, whichever is later, except that the displacing agency may extend the period for good cause. If the period is extended, the payment under this section is based on the costs of relocating the person to a comparable replacement dwelling within one year of that date. |