§ 16-7-104 — Replacement housing payments; home owners

Wyoming § 16-7-104

• Jurisdiction: Wyoming
• Title 16: City, County, State and Local Powers
• Ch. 7: RELOCATION ASSISTANCE

Text

(a) In addition to payments otherwise authorized by this
act, the displacing agency shall make a payment not in excess of
twenty-two thousand five hundred dollars ($22,500.00) 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 (180) days prior to the initiation of
negotiations for the acquisition of the property. The additional
payment shall include:
(i) 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;
(ii) 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
shall be paid only if the dwelling acquired by the displacing
agency was encumbered by a bona fide mortgage which was a valid
lien on the dwelling for not less than one hundred eighty (180)
days immediately prior to the initiation of negotiations for the
acquisition of the dwelling; and
(iii) 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.
(b) The additional payment authorized by this section
shall be made only to a displaced person who purchases and
occupies a replacement dwelling which is decent, safe and
sanitary within one (1) year after the date on which he receives
final payment from the displacing agent for the acquired
dwelling or the date on which the obligation of the displacing
agency under W.S. 16-7-107 is met, whichever is later, except
that the displacing agency may extend the period for good cause.
If the 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 (1) year of such date.