A. In addition to other payments authorized by this article, the displacing agency shall pay not more than thirty-one thousand dollars to a displaced person who is displaced from a dwelling actually owned and occupied by the displaced person for at least ninety days before the initiation of negotiations for the acquisition of the property. This additional payment shall include the following elements:

1. The amount, if any, that when added to the acquisition cost of the dwelling acquired by the displacing agency equals the reasonable cost of a comparable replacement dwelling.

2. The amount, if any, that will compensate the displaced person for any increased interest costs and other debt service costs that the person is required to pay for financing the acquisition of any comparable replacement dwelling, only if the dwelling acquired by the displacing agency was encumbered by a bona fide mortgage that was a valid lien on the dwelling for at least ninety days immediately before the initiation of negotiations for the acquisition of the dwelling.

3. Reasonable expenses incurred by the displaced person for evidence of title, recording fees and other closing costs incidental to the purchase of the replacement dwelling except prepaid expenses.

B. The displacing agency shall make the additional payment authorized by this section only to a displaced person who purchases and occupies a decent, safe and sanitary replacement dwelling within one year after the date on which the person receives final payment from the displacing agency for the acquired dwelling or the date on which the obligation of the displacing agency under section 28-7152 is met, whichever is later, except that the displacing agency may extend this period for good cause. If the period is extended, the payment under this section is based on the costs of relocating the person to a comparable replacement dwelling within one year of that date.