§ 903. Replacement housing for homeowners
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 26 Pa.C.S.A. Eminent DomainEffective: December 20, 2015
Effective: December 20, 2015
26 Pa.C.S.A. § 903
§ 903. Replacement housing for homeowners
(1) In addition to payments otherwise authorized, the acquiring agency shall make an additional payment not in excess of $31,000 to any displaced person who is displaced from a dwelling actually owned and occupied by the displaced person for not less than 90 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.
(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.
(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.
Credits
2006, May 4, P.L. 112, No. 34, § 1, effective in 120 days [Sept. 1, 2006]. Amended 2015, Dec. 20, P.L. 494, No. 88, § 1, imd. effective.
26 Pa.C.S.A. § 903, PA ST 26 Pa.C.S.A. § 903
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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