Guam § 17104 - Replacement Housing for Homeowners.

§ 17104. Replacement Housing for Homeowners.

(a) In addition to payments otherwise authorized by this Chapter, the

agency shall make an additional payment not in excess of Twenty-two

Thousand Five Hundred Dollars ($22,500) to any displaced person who is

displaced from a dwelling actually owned and occupied by the displaced

person for not less than one hundred and eighty (180) days prior to the

initiation of negotiations for the acquisition of the property. The additional

payment shall include the following elements:

(1) The amount, if any, which when added to the acquisition cost

of the dwelling acquired, 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 determined by regulations issued pursuant to §

17108 of this Chapter;

(2) The amount, if any, which will compensate the displaced

person for any increased interest costs and other debt service costs

which the person is required to pay for financing the acquisition of a

comparable replacement dwelling. The amount shall be paid only if the

dwelling acquired was encumbered by a bona fide mortgage which

was a valid lien on the dwelling for not less than one hundred and

eighty (180) days prior to the initiation of negotiations for the

acquisition of the dwelling. The 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 determined by

regulations issued pursuant to § 17108 of this Chapter; and

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(3) Reasonable expenses incurred by the 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.

(b) The additional payment authorized by this section shall be made

only to 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 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.