Section 420. Advance replacement housing payments in condemnation cases

An advance replacement housing payment may be paid to a property owner if the payment of the acquisition price for the displacement dwelling is delayed pending the outcome of condemnation proceedings. A provisional replacement housing payment may be determined by using the amount of the Certificate as the acquisition price.

Payment can be made upon the owner-occupant signing the agreement included on Library Form RW-65A(1) that:

1. Upon final determination of the condemnation proceedings, the replacement housing payment will be recomputed using the acquisition price determined by the court.

2. If the amount awarded by the court for the value of the residential unit exceeds the Certificate amount, the displacee will make a refund for any excess replacement housing payment resulting from the court judgment. The difference in the replacement housing payment will be deducted from the court award before final payment is made. However, in no event will the refund be more than the amount of the replacement housing payment advanced. If the property owner fails to execute the Provisional Replacement Housing Payment Clause on Library Form RW-65A, the replacement housing payment will be deferred until the case is adjudicated.

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.