New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 11 - RELOCATION ASSISTANCE AND EVICTION
Subchapter 3 - RELOCATION PAYMENTS
Section 5:11-3.7 - Replacement housing payments for owners
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Except as otherwise provided in 5:11-2.1(c), an individual who owns and occupies a dwelling unit for a period of not less than 180 days prior to the eligibility date as specified and who vacates the dwelling unit after notice to vacate and as a direct result of the cause of displacement and who purchases and occupies within one year a comparable replacement dwelling unit shall be eligible for a replacement housing payment in an amount not to exceed $ 15,000.
(b) The amount of the replacement housing payment is the difference, between the reasonable cost, on the open market, of a comparable replacement dwelling, and the acquisition price (in the case of acquisition) or fair market value (in all other cases).
(c) The reasonable cost of a comparable replacement dwelling shall be estimated by any of the following methods at the option of the displacing agency:
(d) In no event shall the amount of the replacement housing payment exceed the actual difference in the actual cost of a decent, safe and sanitary replacement dwelling, including incidental expenses and the acquisition price.
(e) If the dwelling unit occupied by the displacee also included an area used for non-residential purposes the amount of the replacement housing payment shall be based on the imputed value of the residential portion of the dwelling unit.
(f) The payment shall also include the following elements: