Sec.8-273-26. Replacement housing payment; purchase price

A displaced homeowner who qualifies under 8-273-25 (a) is entitled to it replacement housing payment of not more than $15,000. Within that limitation the payment shall include the following amounts:

(a) If the reasonable cost of a comparable replacement dwelling is more than the acquisition price of the acquired dwelling, the difference between them.

(b) If there was a bona fide mortgage which constituted a valid lien on the acquired dwelling for at least 120 days before the initiation of negotiations for the acquired dwelling and if the cost of financing the purchase of a replacement dwelling includes increased interest costs, an amount to compensate for that increase.

(c) An amount necessary to cover incidental expenses on the purchase of a replacement dwelling, but not including prepaid expenses.

(Effective April 30, 1975)