§ 124-A:4 — Replacement Housing for Homeowners

I. In addition to payments otherwise authorized by this chapter, the displacing agency shall make an additional payment, not in excess of $22,500, to any displaced person who is displaced from a dwelling which he actually owned and occupied for not less than 180 days before the initiation of negotiations for the acquisition of the property. Such additional payment shall include the following:
(a) 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.
(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 to finance the purchase of a comparable replacement dwelling. Such amount shall be paid only if the dwelling acquired by the displacing agency was encumbered by a bona fide mortgage for not less than 180 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, excluding prepaid expenses.
II. The additional payment authorized by this section shall be made only to a displaced person who purchases and occupies a decent, safe, and sanitary replacement dwelling within one year after the date such person receives final payment from the displacing agency for the acquired dwelling or the date the obligation of the displacing agency under RSA 124-A:8 is met, whichever is later, 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 the end of such period.

Legislative History

1989, 147:1, eff. May 17, 1989.