Section 330. General

Part VII. General Provisions for Replacement Housing Payments

Individuals and families displaced from a dwelling are eligible for purchase or rental supplement payments in accordance with the provisions of this part. The purpose of the purchase or rental supplement is to enable the displaced household to relocate to decent, safe and sanitary replacement housing that is within financial means. The specific type of payment will depend on the status as owner or tenant and length of occupancy at the displacement dwelling. There are also conditions for payment including the requirement that the displacee occupy replacement housing that meets decent, safe and sanitary standards and submit a claim within the required period. The key terms used in this part are defined as follows:

"Incidental expenses" mean closing and other costs incidental to the purchase of a replacement dwelling.

"Increased interest payment" means the amount which will reduce the mortgage balance on a new mortgage to an amount that will be amortized with the same monthly payment for principal and interest as that for the mortgage on the displacement dwelling.

"Purchase supplement payment" means the amount which, when added to the acquisition value, equals the cost of comparable replacement housing.

"Rent supplement payment" means the amount which equals 42 times the difference between base monthly rental of a displacement dwelling and the monthly rent of a comparable dwelling.

"Replacement housing payment" means the total of the amounts established for a displacee under the definitions listed in this section.

Historical Notes

Derived from Volume 18, Issue 03, eff. November 21, 2001.

Statutory Authority

§ 25.1-402 of the Code of Virginia; 42 USC § 4601 et seq.