11-964. Replacement housing for homeowners
A. In addition to payments otherwise authorized by this article, the displacing agency shall make an additional payment of not more than thirty-one thousand dollars to any displaced person who is displaced from a dwelling actually owned and occupied by the displaced person for at least ninety days before the initiation of negotiations for the acquisition of the property. This additional payment shall include the following amounts as determined by the acquiring agency:
1. 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.
2. 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 any decent, safe and sanitary replacement dwelling. The displacing agency shall pay this amount 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 fewer than one hundred eighty days immediately before the initiation of negotiations for the acquisition of the dwelling.
3. Reasonable and necessary expenses incurred by the displaced person for evidence of title, recording fees and other closing costs incident to the purchase of the replacement dwelling, if normally paid by the buyer, but not including prepaid expenses.
B. The displacing agency shall make the additional payment authorized by this section only to a displaced person who purchases and occupies a comparable replacement dwelling within one year after the date on which the person receives final payment from the displacing agency for the acquired dwelling or the date on which the obligation of the displacing agency under section 11-971 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 is based on the costs of relocating the person to a comparable replacement dwelling within one year of that date.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.