WILLIAM DONALD SCHAEFER, Governor                   Ch. 489

Article - Real Property
12-202.

(a)  In addition to payment otherwise authorized, a public
or private agency shall make an additional payment not in excess
of $15,000 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 land.

(b)  The additional payments shall include the following
elements:

(1)  Any amount which when added to the acquisition
cost of the dwelling acquired by the public or private agency,
equals the reasonable cost of a comparable replacement dwelling
which is a decent, safe, and sanitary dwelling adequate to
accommodate the displaced person, reasonably accessible to public
services and places of employment and available on the private
market.

(2)  Any amount which will compensate the displaced
person for any increased interest 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
dwelling acquired by the public or private agency was encumbered
by a bona fide mortgage which was a valid lien on the dwelling
for not less than 180 days prior to the initiation of
negotiations for the acquisition of the dwelling. The amount
shall be equal to the excess in the aggregate interest and other
debt service costs of that amount of the principal of the
mortgage on the replacement dwelling which is equal to the unpaid
balance of the mortgage on the acquired dwelling, over the
remaining term of the mortgage on the acquired dwelling, reduced
to discounted present value. 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.

(3)  Reasonable expenses incurred by the 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.

12-203.

[The] SUBJECT TO THE PROVISIONS OF § 8-309(G)(2) OF THE
TRANSPORTATION ARTICLE, THE additional payment authorized by §
12-202 shall be made only to a displaced person who purchases and
occupies a replacement dwelling which is decent, safe, and
sanitary, not later than the end of the one-year period beginning
on:

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