§ 8-23-17-7 — "Adequate replacement dwelling" defined

As used in this chapter, "adequate replacement
dwelling" means a dwelling that is:
(1) at least comparable in essential accommodations and value to
the dwelling acquired by the agency;
(2) a decent, safe, and sanitary dwelling meeting all minimum
requirements of applicable building, housing, and fire prevention
codes;
(3) located in an area not generally less desirable than the area in
which the dwelling acquired by the agency is located, in regard to
public utilities and public and commercial facilities;
(4) reasonably accessible to the principal place of employment of
the head of the household;
(5) available for purchase or rental on the private market; and
(6) available for purchase or rental at a price or rent within the
financial means of the displaced person. A dwelling available for
purchase is considered to be within the financial means of a
person only if, after taking into account that part of the acquisition
cost paid to the displaced person plus any payment made under
section 16 or 17 of this chapter, a loan commitment may be
obtained from a lending institution, with or without the aid of any
federal or other program of loan insurance, in the principal
amount equal to the balance of the purchase price of the
replacement dwelling.

Legislative History

As added by P.L.18-1990, SEC.226.