- 12 -
U.S.C. sec. 4622, for replacement housing for homeowners, see 42
U.S.C. sec. 4623, and for replacement housing for tenants and
certain others, see 42 U.S.C. sec. 4624, are the three categories
of payments so authorized. The section relevant to the instant
case, addressing replacement housing for homeowners, provides in
pertinent part as follows:
42 U.S.C. � 4623. REPLACEMENT HOUSING FOR HOMEOWNER * * *
(a)(1) In addition to payments otherwise
authorized by this subchapter, the head of the
displacing agency shall make an additional payment not
in excess of $22,500 to any displaced person who is
displaced from a dwelling actually owned and occupied
by such displaced person for not less than one hundred
and eighty days prior to the initiation of negotiations
for the acquisition of the property. Such additional
payment shall include the following elements:
(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 for financing the acquisition of any such
comparable replacement dwelling. Such 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 such dwelling 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, but not including prepaid
expenses.
* * * * * * *
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011