A. In addition to payments otherwise authorized by this Chapter, as part of the cost of construction the agency may make a payment to the owner of real property acquired for a project which is improved by a dwelling actually owned and occupied by the owner for not less than one hundred and eighty days prior to the initiation of negotiations for the acquisition of such property, not to exceed twenty-two thousand five hundred dollars or the maximum amount authorized by federal law, whichever is greater. Such additional payment may include the following elements:

           (1) The amount, if any, which when added to the acquisition cost of the dwelling acquired by the 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 may be made in accordance with standards established by the head of the agency making the additional payment.

           (2)(a) 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 may be paid only if the dwelling acquired by the 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 may 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 may be the prevailing interest rate paid on savings deposits by commercial banks in the general area in which the replacement dwelling is located.

           (b) Alternatively, and at the option of the agency, the agency may, instead of paying to the owner the amount calculated in accordance with the provisions of Subparagraph (a) hereof, pay an amount sufficient to reduce the principal sum to be financed by the relocatee when he acquires his replacement dwelling so that the amount of monthly payments of principal and interest to be paid under the new mortgage obligation shall not exceed the amount of monthly payments of principal and interest to be paid under the mortgage on the dwelling acquired or to be acquired by the agency from the relocatee.

           (3) 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.

           (4) The additional payment authorized by this subsection may 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 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. In addition to amounts otherwise authorized by this Chapter, the agency may make a payment to any person displaced from any dwelling not eligible to receive a payment under Subsection (A) of this section which dwelling was actually and lawfully occupied by such individual or family for not less than ninety days prior to the initiation of negotiations for acquisition of such property. Such payment may be either

           (1) the amount necessary to enable such displaced person to lease or rent for a period not to exceed four years, a decent, safe, and sanitary dwelling of standards adequate to accommodate such person in areas not generally less desirable in regard to public utilities and public and commercial facilities, and reasonably accessible to his place of employment, but not to exceed four thousand dollars: or

           (2) the amount necessary to enable such person to make a downpayment (including incidental expenses described in Paragraph (A)(3) of this Section on the purchase of a decent, safe, and sanitary dwelling of standards adequate to accommodate such person in areas not generally less desirable in regard to public utilities and public and commercial facilities, but not exceed four thousand dollars, except that if such amount exceeds two thousand dollars, such person must equally match any such amount in excess of two thousand dollars, in making the downpayment.

           Added by Acts 1971, No. 116, §1, emerg. eff. June 14, 1971. Amended by Acts 1982, No. 381, §1; Acts 1988, 2nd Ex. Sess., No. 13, §1, eff. Oct. 27, 1988.