Ch. 10                                           LAWS OF MARYLAND

available on the private market] AS DEFINED IN SECTION 12-201(D)
OF THIS SUBTITLE.

(2)  Any amount which will compensate the displaced
person for any increased interest costs 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 dwelling acquired by the [public or
private] DISPLACING 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.] THE METHOD OF CALCULATION SHALL BE
DETERMINED BY THE LEAD AGENCY.

(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.

Subject to the provisions of § 8-309(g)(2) of the
Transportation Article, the additional payment authorized by §
12-202 OF THIS SUBTITLE 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:

(1)  The date on which he receives from the [public or
private] DISPLACING agency final payment of all costs of the
acquired dwelling!, or]; OR

(2)   [The date on which he is required to move, or]
THE DATE ON WHICH THE DISPLACING AGENCY'S OBLIGATION UNDER
SECTION 12-206(B)(3) OF THIS SUBTITLE IS MET, WHICHEVER IS LATER,
EXCEPT THAT THE DISPLACING AGENCY MAY EXTEND SUCH PERIOD FOR GOOD
CAUSE. IF SUCH PERIOD IS EXTENDED, THE PAYMENT UNDER THIS SECTION
SHALL BE BASED ON THE COSTS OF RELOCATING THE PERSON TO A
COMPARABLE REPLACEMENT DWELLING WITHIN 1 YEAR OF SUCH DATE.

[(3) The date on which he voluntarily moves after (1)
and before (2), whichever is the later date.]

12-204.

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