§ 54-01.1-04 — Replacement housing for homeowners

North Dakota § 54-01.1-04

• Jurisdiction: North Dakota
• Title 54: State Government
• Ch. 54-01.1: Relocation Assistance

Text

1. In addition to payments otherwise authorized by this chapter, 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 the displaced person for not less than one hundred eighty days prior to
the initiation of negotiations for the acquisition of the property. The additional payment
must 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;
b. 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 a comparable replacement dwelling. The
amount may be paid only if the dwelling acquired was encumbered by a bona fide
mortgage which was a valid lien on the dwelling for not less than one hundred
eighty days prior to the initiation of negotiations for the acquisition of the dwelling;
and
c. Reasonable expenses incurred by the 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 may be made only to a displaced
person who purchases and occupies a decent, safe, and sanitary replacement
dwelling within one year after the date on which the displaced person receives final
payment from the displacing agency for the acquired dwelling or the date on which the
displacing agency's obligation under section 54-01.1-07 is met, whichever is the later
date, except that the displacing agency may extend the period for good cause. If the
period is extended, the payment under this section must be based on the costs of
relocating the person to a comparable replacement dwelling within one year of such
date.