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§ 17-115. Additional relocation payment--Dwelling

West's Annotated Code of MarylandLand UseEffective: October 1, 2012

West's Annotated Code of Maryland
Land Use (Refs & Annos)
Division II. Maryland-National Capital Park and Planning Commission [Titles 14-27] (Refs & Annos)
Title 17. Powers and Property (Refs & Annos)
Subtitle 1. Property Acquisition (Refs & Annos)
Part III. Relocation Expenses (Refs & Annos)
Effective: October 1, 2012
MD Code, Land Use, § 17-115
§ 17-115. Additional relocation payment--Dwelling
Currentness
Payment authorized
(a) In addition to any other authorized payment, the Commission shall make an additional relocation payment not to exceed $15,000 to a person who is displaced from a dwelling that the person owns and has occupied for at least 180 days immediately preceding the start of negotiations to acquire the property.
Required compensation
(b) The additional relocation payment shall include:
(1) any additional amount that, added to the acquisition cost of the dwelling acquired by the Commission, equals the reasonable cost of a comparable replacement dwelling that is a habitable dwelling:
(i) adequate to accommodate the displaced person;
(ii) reasonably accessible to public services and places of employment; and
(iii) available on the private market;
(2) subject to subsection (c) of this section, any additional amount that the displaced person must pay to finance acquisition of a comparable replacement dwelling; and
(3) reasonable expenses the displaced person incurs for title insurance, recording and transfer fees and taxes, and other taxes and closing costs incident to the purchase of the replacement dwelling, other than prepaid expenses.
Limitation--Financing
(c)(1) The Commission shall include financing under subsection (b)(2) of this section in an additional relocation payment only if the dwelling was encumbered by a mortgage that was a valid lien on the dwelling for at least 180 days immediately preceding the start of negotiations to acquire the dwelling.
(2) The amount payable under subsection (b)(2) of this section shall be computed for the period of time remaining under the mortgage on the acquired dwelling as the product of:
(i) the net present value of the difference, if any, between:
1. the interest and other debt service costs to be incurred to finance the replacement dwelling for that period; and
2. those costs that would have been incurred for that period to finance the acquired dwelling; and
(ii) the unpaid principal balance of the mortgage on the acquired dwelling at the time of acquisition divided by the principal amount of the purchase money mortgage on the replacement dwelling.
(3) The discount rate shall be the prevailing interest rate paid on savings deposits by commercial banks in the general area where the replacement dwelling is located.
Limitation--Time
(d) The Commission shall make the additional relocation payment only to a displaced person who purchases and occupies a habitable replacement dwelling by the later of:
(1) 1 year after the person receives from the Commission final payment of all costs of the acquired dwelling; or
(2) the date when the person moves from the acquired dwelling.

Credits

Added by Acts 2012, c. 426, § 2, eff. Oct. 1, 2012.
MD Code, Land Use, § 17-115, MD LAND USE § 17-115
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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