A. In addition to payments otherwise authorized by this chapter, the stateagency shall make an additional payment not to exceed $22,500 to anydisplaced person who is displaced from a dwelling actually owned and occupiedby such displaced person for not less than 180 days prior to the initiationof negotiations for the acquisition of the property. Such additional paymentshall include the following elements:
1. The amount, if any, that when added to the acquisition cost of thedwelling acquired by the state agency, equals the reasonable cost of acomparable replacement dwelling;
2. The amount, if any, that will compensate the displaced person for anyincreased interest costs and other debt service costs that such person isrequired to pay for financing the acquisition of any comparable replacementdwelling. The amount for any increased interest or debt service costs shallbe (i) determined in accordance with the criteria established by the stateagency and (ii) paid only if the dwelling acquired by the state agency wasencumbered by a bona fide mortgage that was a valid lien on such dwelling fornot less than 180 days immediately prior to the initiation of negotiationsfor the acquisition of such dwelling; and
3. Reasonable expenses incurred by such displaced person for evidence oftitle, recording fees, and other closing costs incident to the purchase ofthe comparable replacement dwelling, but not including prepaid expenses.
B. The additional payment authorized by this section shall be made only tosuch a displaced person who purchases and occupies a decent, safe, andsanitary replacement dwelling not later than the end of the one-year periodbeginning on the later of (i) the date on which he receives final payment ofall costs for the acquired dwelling or (ii) the date on which the stateagency obligation under § 25.1-414 is met. However, the state agency mayextend such period for good cause. If such period is extended, the paymentunder this section shall be based on the cost of relocating the person to acomparable replacement dwelling within one year of such date.
(Code 1950, §§ 33-75.05, 33-75.06, 33.1-132.5, 33.1-132.6; 1970, c. 40, §25-240; 1972, c. 738; 1989, c. 714; 2003, c. 940.)
A. In addition to payments otherwise authorized by this chapter, the stateagency shall make an additional payment not to exceed $22,500 to anydisplaced person who is displaced from a dwelling actually owned and occupiedby such displaced person for not less than 180 days prior to the initiationof negotiations for the acquisition of the property. Such additional paymentshall include the following elements:
1. The amount, if any, that when added to the acquisition cost of thedwelling acquired by the state agency, equals the reasonable cost of acomparable replacement dwelling;
2. The amount, if any, that will compensate the displaced person for anyincreased interest costs and other debt service costs that such person isrequired to pay for financing the acquisition of any comparable replacementdwelling. The amount for any increased interest or debt service costs shallbe (i) determined in accordance with the criteria established by the stateagency and (ii) paid only if the dwelling acquired by the state agency wasencumbered by a bona fide mortgage that was a valid lien on such dwelling fornot less than 180 days immediately prior to the initiation of negotiationsfor the acquisition of such dwelling; and
3. Reasonable expenses incurred by such displaced person for evidence oftitle, recording fees, and other closing costs incident to the purchase ofthe comparable replacement dwelling, but not including prepaid expenses.
B. The additional payment authorized by this section shall be made only tosuch a displaced person who purchases and occupies a decent, safe, andsanitary replacement dwelling not later than the end of the one-year periodbeginning on the later of (i) the date on which he receives final payment ofall costs for the acquired dwelling or (ii) the date on which the stateagency obligation under § 25.1-414 is met. However, the state agency mayextend such period for good cause. If such period is extended, the paymentunder this section shall be based on the cost of relocating the person to acomparable replacement dwelling within one year of such date.
(Code 1950, §§ 33-75.05, 33-75.06, 33.1-132.5, 33.1-132.6; 1970, c. 40, §25-240; 1972, c. 738; 1989, c. 714; 2003, c. 940.)
A. In addition to payments otherwise authorized by this chapter, the stateagency shall make an additional payment not to exceed $22,500 to anydisplaced person who is displaced from a dwelling actually owned and occupiedby such displaced person for not less than 180 days prior to the initiationof negotiations for the acquisition of the property. Such additional paymentshall include the following elements:
1. The amount, if any, that when added to the acquisition cost of thedwelling acquired by the state agency, equals the reasonable cost of acomparable replacement dwelling;
2. The amount, if any, that will compensate the displaced person for anyincreased interest costs and other debt service costs that such person isrequired to pay for financing the acquisition of any comparable replacementdwelling. The amount for any increased interest or debt service costs shallbe (i) determined in accordance with the criteria established by the stateagency and (ii) paid only if the dwelling acquired by the state agency wasencumbered by a bona fide mortgage that was a valid lien on such dwelling fornot less than 180 days immediately prior to the initiation of negotiationsfor the acquisition of such dwelling; and
3. Reasonable expenses incurred by such displaced person for evidence oftitle, recording fees, and other closing costs incident to the purchase ofthe comparable replacement dwelling, but not including prepaid expenses.
B. The additional payment authorized by this section shall be made only tosuch a displaced person who purchases and occupies a decent, safe, andsanitary replacement dwelling not later than the end of the one-year periodbeginning on the later of (i) the date on which he receives final payment ofall costs for the acquired dwelling or (ii) the date on which the stateagency obligation under § 25.1-414 is met. However, the state agency mayextend such period for good cause. If such period is extended, the paymentunder this section shall be based on the cost of relocating the person to acomparable replacement dwelling within one year of such date.
(Code 1950, §§ 33-75.05, 33-75.06, 33.1-132.5, 33.1-132.6; 1970, c. 40, §25-240; 1972, c. 738; 1989, c. 714; 2003, c. 940.)
