§ 4623. Replacement housing for homeowner; mortgage insurance

Footnotes

1. 1 So in original. Probably should be preceded by “section”.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1971

   Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970

   Pub. L. 91–646 title II § 203 · 84 Stat. 1894

   Enacted · 42 U.S.C. § 4623

   Pub. L. 91–646, title II, § 203, Jan. 2, 1971, 84 Stat. 1896

   Source evidence

   Code source credit
   Pub. L. 91–646, title II, § 203, Jan. 2, 1971, 84 Stat. 1896

   Enacted provision · exact public law section
   Sec. 203. replacement housing for homeowner (a) (1) In addition to payments otherwise authorized by this title, the head of the Federal 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 such displaced person for not less than one hundred and eighty days prior to the initiation of negotiations for the acquisition of the property. Such additional payment shall include the following elements: (A) The amount, if any, which when added to the acquisition cost of the dwelling acquired by the Federal agency, equals the reasonable cost of a comparable replacement dwelling which is a decent, safe, and sanitary dwelling adequate to accommodate such displaced person, reasonably accessible to public services and places of employment and available on the private market. All determinations required to carry out this subparagraph shall be made in accordance with standards established by the head of the Federal agency making the additional payment. (B) The amount, if any, which will compensate such displaced person for any increased interest costs which such person is required to pay for financing the acquisition of any such comparable replacement dwelling. Such amount shall be paid only if the dwelling acquired by the Federal agency was encumbered by a bona fide mortgage which was a valid lien on such dwelling for not less than one hundred and eighty days prior to the initiation of negotiations for the acquisition of such dwelling. Such amount shall lie 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 remainder 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 in which the replacement dwelling is located. (C) Reasonable expenses incurred by such 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. (2) The additional payment authorized by this subsection shall be made only to such 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 the date on which he receives from the Federal agency final payment of all costs of the acquired dwelling, or on the date on which he moves from the acquired dwelling, whichever is the later date. (b) The head of any Federal agency may, upon application by a mortgagee, insure any mortgage (including advances during construction) on a comparable replacement dwelling executed by a displaced person assisted under this section, which mortgage is eligible for insurance under any Federal law administered by such agency notwithstanding any requirements under such law relating to age, physical condition, or other personal characteristics of eligible mortgagors, and may make commitments for the insurance of such mortgage prior to the date of execution of the mortgage.

2. 1987

   Uniform Relocation Act Amendments of 1987

   Pub. L. 100–17 § 406(1) · 101 Stat. 132

   1. Substituted · 42 U.S.C. § 4623(a)(1)

      Pub. L. 100–17, § 406(1)–(3), substituted “displacing agency” for “Federal agency”

   2. Substituted · 42 U.S.C. § 4623(a)(1)

      Pub. L. 100–17, § 406(1)–(3), substituted “$22,500” for “$15,000”

   3. Substituted · 42 U.S.C. § 4623(a)(1)

      Pub. L. 100–17, § 406(1)–(3), substituted “acquired by the displacing agency, equals the reasonable cost of a comparable replacement dwelling” for “acquired by the Federal agency, equals the reasonable cost of a comparable replacement dwelling which is a decent, safe, and sanitary dwelling adequate to accommodate such displaced person, reasonably accessible to public services and places of employment and available on the private market. All determinations required to carry out this subparagraph shall be made in accordance with standards established by the head of the Federal agency making the additional payment”

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 100–17, § 406(1)–(3), substituted “displacing agency” for “Federal agency” and “$22,500” for “$15,000” in introductory provisions, and in subpar. (A) “acquired by the displacing agency, equals the reasonable cost of a comparable replacement dwelling” for “acquired by the Federal agency, equals the reasonable cost of a comparable replacement dwelling which is a decent, safe, and sanitary dwelling adequate to accommodate such displaced person, reasonably accessible to public services and places of employment and available on the private market. All determinations required to carry out this subparagraph shall be made in accordance with standards established by the head of the Federal agency making the additional payment”.

   Enacted provision · exact public law section
   (1) by striking out “Federal” in the portion of paragraph (1) preceding subparagraph (A) and inserting in lieu thereof “displacing”;

3. 1987

   Uniform Relocation Act Amendments of 1987

   Pub. L. 100–17 § 406(4) · 101 Stat. 132

   1. Added · 42 U.S.C. § 4623(a)(1)(B)

      Pub. L. 100–17, § 406(4), added subpar. (B)

   2. Struck · 42 U.S.C. § 4623(a)(1)(B)

      Pub. L. 100–17, § 406(4), struck out former subpar. (B) which read as follows: “The amount, if any, which will compensate such displaced person for any increased interest costs which such person is required to pay for financing the acquisition of any such comparable replacement dwelling. Such amount shall be paid only if the dwelling acquired by the Federal agency was encumbered by a bona fide mortgage which was a valid lien on such dwelling for not less than one hundred and eighty days prior to the initiation of negotiations for the acquisition of such dwelling. Such 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 remainder 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 in which the replacement dwelling is located.”

   Source evidence

   Code amendment note
   Subsec. (a)(1)(B). Pub. L. 100–17, § 406(4), added subpar. (B) and struck out former subpar. (B) which read as follows: “The amount, if any, which will compensate such displaced person for any increased interest costs which such person is required to pay for financing the acquisition of any such comparable replacement dwelling. Such amount shall be paid only if the dwelling acquired by the Federal agency was encumbered by a bona fide mortgage which was a valid lien on such dwelling for not less than one hundred and eighty days prior to the initiation of negotiations for the acquisition of such dwelling. Such 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 remainder 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 in which the replacement dwelling is located.”

   Enacted provision · exact public law section
   (4) by striking out paragraph (1)(B) and inserting in lieu thereof the following: “(B) The amount, if any, which will compensate such displaced person for any increased interest costs and other debt service costs which such person is required to pay for financing the acquisition of any such comparable replacement dwelling. Such amount shall be paid only if the dwelling acquired by the displacing agency was encumbered by a bona fide mortgage 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.”; and

4. 1987

   Uniform Relocation Act Amendments of 1987

   Pub. L. 100–17 § 406(5) · 101 Stat. 132

   1. Added · 42 U.S.C. § 4623(a)(2)

      Pub. L. 100–17, § 406(5), added par. (2)

   2. Struck · 42 U.S.C. § 4623(a)(2)

      Pub. L. 100–17, § 406(5), struck out former par. (2) which read as follows: “The additional payment authorized by this subsection shall be made only to such 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 the date on which he receives from the Federal agency final payment of all costs of the acquired dwelling, or on the date on which he moves from the acquired dwelling, whichever is the later date.”

   Source evidence

   Code amendment note
   Subsec. (a)(2). Pub. L. 100–17, § 406(5), added par. (2) and struck out former par. (2) which read as follows: “The additional payment authorized by this subsection shall be made only to such 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 the date on which he receives from the Federal agency final payment of all costs of the acquired dwelling, or on the date on which he moves from the acquired dwelling, whichever is the later date.”

   Enacted provision · exact public law section
   (5) by striking out paragraph (2) and inserting in lieu thereof the following: “(2) The additional payment authorized by this section shall be made only to a displaced person who purchases and occupies a decent, safe, and sanitary replacement dwelling within 1 year after the date on which such person receives final payment from the displacing agency for the acquired dwelling or the date on which the displacing agency’s obligation under section 205(c)(3) of this Act is 42 USC 4625. 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.”.

5. 2012

   Moving Ahead for Progress in the 21st Century Act

   Pub. L. 112–141 div. A title I § 1521(b) · 126 Stat. 405

   1. Substituted · 42 U.S.C. § 4623(a)(1)

      Pub. L. 112–141, in first sentence, substituted “$31,000, as adjusted by regulation, in accordance with 4633(d) of this title,” for “$22,500”

   2. Substituted · 42 U.S.C. § 4623(a)(1)

      Pub. L. 112–141, in first sentence, substituted “90 days before” for “one hundred and eighty days prior to”

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 112–141, in first sentence, substituted “$31,000, as adjusted by regulation, in accordance with 4633(d) of this title,” for “$22,500” and “90 days before” for “one hundred and eighty days prior to”.

   Enacted provision · exact public law section
   (b) Replacement Housing for Homeowners.— The first sentence of section 203(a)(1) of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (42 U.S.C. 4623(a)(1)) is amended— (1) by striking “$22,500” and inserting “$31,000, as adjusted by regulation, in accordance with 213(d),”; and (2) by striking “one hundred and eighty days prior to” and inserting “90 days before”.

   Effective date note
   Amendment by Pub. L. 112–141 effective 2 years after the date of enactment of Pub. L. 112–141, see section 1521(g) of Pub. L. 112–141, set out as a note under section 308 of Title 23, Highways.

10 of 10 references resolved to an enrolled provision