§3105. Replacement housing
A. In addition to payments otherwise authorized by this Chapter, as
part of the cost of construction the agency may make a payment to the owner
of real property acquired for a project which is improved by a dwelling
actually owned and occupied by the owner for not less than one hundred and
eighty days prior to the initiation of negotiations for the acquisition of such
property, not to exceed twenty-two thousand five hundred dollars or the
maximum amount authorized by federal law, whichever is greater. Such
additional payment may include the following elements:
(1)The amount, if any, which when added to the acquisition cost of the
dwelling acquired by the agency, equals the reasonable cost of a comparable
replacement dwelling which is a decent, safe, and sanitary
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§3105. Replacement housing
A. In addition to payments otherwise authorized by this Chapter, as
part of the cost of construction the agency may make a payment to the owner
of real property acquired for a project which is improved by a dwelling
actually owned and occupied by the owner for not less than one hundred and
eighty days prior to the initiation of negotiations for the acquisition of such
property, not to exceed twenty-two thousand five hundred dollars or the
maximum amount authorized by federal law, whichever is greater. Such
additional payment may include the following elements:
(1) The amount, if any, which when added to the acquisition cost of the
dwelling acquired by the agency, equals the reasonable cost of a comparable
replacement dwelling which is a decent, safe, and sanitary dwelling adequate
to accommodate such displaced person, reasonably accessible to public
services and places of employment and available on the private market. All
determinations required to carry out this subparagraph may be made in
accordance with standards established by the head of the agency making the
additional payment.
(2)(a) The amount, if any, which will compensate such displaced
person for any increased interest costs which such person is required to pay for
financing the acquisition of any such comparable replacement dwelling. Such
amount may be paid only if the dwelling acquired by the agency was
encumbered by a bona fide mortgage which was a valid lien on such dwelling
for not less than one hundred and eighty days prior to the initiation of
negotiations for the acquisition of such dwelling. Such amount may be equal
to the excess in the aggregate interest and other debt service costs of that
amount of the principal of the mortgage on the replacement dwelling which is
equal to the unpaid balance of the mortgage on the acquired dwelling, over the
remainder term of the mortgage on the acquired dwelling, reduced to
discounted present value. The discount rate may be the prevailing interest rate
paid on savings deposits by commercial banks in the general area in which the
replacement dwelling is located.
(b) Alternatively, and at the option of the agency, the agency may,
instead of paying to the owner the amount calculated in accordance with the
provisions of Subparagraph (a) hereof, pay an amount sufficient to reduce the
principal sum to be financed by the relocatee when he acquires his replacement
dwelling so that the amount of monthly payments of principal and interest to
be paid under the new mortgage obligation shall not exceed the amount of
monthly payments of principal and interest to be paid under the mortgage on
the dwelling acquired or to be acquired by the agency from the relocatee.
(3) 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.
(4) The additional payment authorized by this subsection may 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 from the agency 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.
B. In addition to amounts otherwise authorized by this Chapter, the
agency may make a payment to any person displaced from any dwelling not
eligible to receive a payment under Subsection (A) of this section which
dwelling was actually and lawfully occupied by such individual or family for
not less than ninety days prior to the initiation of negotiations for acquisition
of such property. Such payment may be either
(1) the amount necessary to enable such displaced person to lease or
rent for a period not to exceed four years, a decent, safe, and sanitary dwelling
of standards adequate to accommodate such person in areas not generally less
desirable in regard to public utilities and public and commercial facilities, and
reasonably accessible to his place of employment, but not to exceed four
thousand dollars: or
(2) the amount necessary to enable such person to make a
downpayment (including incidental expenses described in Paragraph (A)(3) of
this Section on the purchase of a decent, safe, and sanitary dwelling of
standards adequate to accommodate such person in areas not generally less
desirable in regard to public utilities and public and commercial facilities, but
not exceed four thousand dollars, except that if such amount exceeds two
thousand dollars, such person must equally match any such amount in excess
of two thousand dollars, in making the downpayment.