Replacement housing for homeowners - 26 Pa. Cons. Stat. § 903

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     § 903.  Replacement housing for homeowners.
        (a)  Additional payments to certain homeowners.--
            (1)  In addition to payments otherwise authorized, the
        acquiring agency shall make an additional payment not in
        excess of $27,000 to any displaced person who is displaced
        from a dwelling actually owned and occupied by the displaced
        person for not less than 180 days prior to the initiation of
        negotiations for the acquisition of the property or the
        receipt of written notice from the acquiring agency of intent
        to acquire or order to vacate.
            (2)  The additional payment shall include the following
        elements:
                (i)  The amount, if any, which when added to the
            acquisition cost of the acquired dwelling equals the
            reasonable cost of a comparable replacement dwelling
            which is available to the displaced person on the private
            market.
                (ii)  The amount, if any, which will compensate the
            displaced person for any increased interest and other
            debt service costs which the person is required to pay
            for financing the acquisition of any comparable
            replacement dwelling. The amount shall be paid only if
            the acquired dwelling was subject to an installment
            purchase contract or encumbered by a bona fide
            installment purchase contract, mortgage or other evidence
            of debt secured by the dwelling which was a valid lien on
            such dwelling for not less than 180 days immediately
            prior to the initiation of negotiations for the
            acquisition of such dwelling.
                (iii)  Reasonable expenses incurred by the displaced
            person for evidence of title, recording and attorney
            fees, real property transfer taxes and other closing and
            related costs incident to the purchase and financing of
            the replacement dwelling, but not including prepaid
            expenses.
        (b)  One-year time period for purchase of replacement
     dwelling.--
            (1)  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,
        sanitary and adequate to accommodate the displaced person,
        not later than the end of the one-year period beginning on
        the date on which the person receives final payment of full
        acquisition cost for the acquired dwelling or on the date on
        which the person moves from the acquired dwelling, whichever
        is later. Regulations issued under section 906 (relating to
        regulations) may prescribe situations when the one-year
        period may be extended.
            (2)  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 year of the
        date on which the person received final payment of full
        acquisition costs for the acquired dwelling.
        (c)  Right of election.--The person entitled under this
     section shall have the right to elect the benefits available
     under section 904 (relating to replacement housing for tenants
     and others) in lieu of those provided by this section.

        Cross References.  Section 903 is referred to in sections
     711, 904 of this title.

Last modified: November 27, 2007