24 Va. Admin. Code § 30-41-410

Current through Register Vol. 40, No. 22, June 17, 2024

Section 24VAC30-41-410 - Purchase of replacement dwelling

A. For the purpose of this section, a displaced person "purchases" a dwelling when:

1. An existing decent, safe and sanitary dwelling is acquired.

2. A life estate in a retirement home is purchased. The actual cost will be entrance fee plus any other monetary commitments to the home, except periodic service charges may not be considered. The replacement housing payment is limited to the reasonable cost of purchasing a comparable replacement dwelling less the acquisition cost of the acquired dwelling.

3. A dwelling previously owned or acquired is relocated or rehabilitated, or both. The basis for determining the purchase supplement will be the current value of the dwelling at the time of relocation.

4. Construction is completed or contracts have been executed for the construction of a new dwelling on a site owned or acquired. The actual cost provision limits the reimbursable construction cost to only those costs necessary to construct a dwelling comparable to the one acquired. The costs of adding new features that clearly exceed comparable features in the displacement dwelling are not eligible for reimbursement. Eligible costs of the site will be limited to the current residential fair market value of the replacement site rather than what the displaced person actually paid for it.

5. Any person who has obtained legal ownership of a replacement dwelling or land upon which the replacement dwelling is located, constructed or relocated to, either before or after displacement and occupies the replacement dwelling after being displaced, but within the time limit specified in 24VAC30-41-360 is eligible for a replacement housing payment if the replacement dwelling meets the decent, safe and sanitary standards. The current fair market value of land and dwelling will constitute the "actual cost" in the replacement housing determination.

B. When the replacement dwelling has decent, safe and sanitary deficiencies, the cost to correct such deficiencies may be added to the current fair market value of a previously owned dwelling, or the purchase price of the acquired replacement dwelling.

24 Va. Admin. Code § 30-41-410

Derived from Virginia Register Volume 18, Issue 3, eff. November 21, 2001.

Statutory Authority

§§ 25-253 and 33.1-12 of the Code of Virginia; 42 USC § 4601 et seq.