§ 24-56-104 — Replacement housing for homeowners

(1) In addition to
payments otherwise authorized by this article, the displacing agency shall make an
additional payment not in excess of twenty-two thousand five hundred dollars to
any displaced person who is displaced from a dwelling actually owned and
occupied by such displaced person for not less than one hundred eighty days prior
to the initiation of negotiations for the acquisition of the property. Such additional
payment shall include the following elements:

(a) The amount, if any, which when added to the acquisition cost of the
dwelling acquired equals the reasonable cost of a comparable replacement
dwelling. All determinations required to carry out this paragraph (a) shall be
determined by regulations issued pursuant to section 24-56-108.

(b) The amount, if any, which will compensate such displaced person for any
increased interest costs and other debt service costs which such person is required
to pay for financing the acquisition of any such comparable replacement dwelling.
Such amount shall be paid only if the dwelling acquired by the displacing agency
was encumbered by a bona fide mortgage or deed of trust which was a valid lien on
such dwelling for not less than one hundred eighty days immediately prior to the
initiation of negotiations for the acquisition of such dwelling.

(c) Reasonable expenses incurred by such displaced person for evidence of
title, recording fees, and other closing costs incident to the purchase of the
replacement dwelling, but not including prepaid expenses.

(2) The additional payment authorized by this section shall be made only to
such a displaced person who purchases and occupies a replacement dwelling which
is decent, safe, and sanitary not later than the end of the one-year period beginning
on the date on which he receives final payment of all costs of the acquired dwelling
or on the date on which he moves from the acquired dwelling, whichever is the later
date; except that the displacing agency may extend such period for good cause. If
such period is extended, the payment under this section shall be based on the costs
of relocating the person to a comparable replacement dwelling within one year of
such date.

Legislative History

Source: L. 71: p. 674, � 1. C.R.S. 1963: � 69-10-4. L. 89: IP(1), (1)(a), (1)(b), and (2) amended, p. 1079, � 6, effective March 31.