(a) Whenever a program or project to be undertaken by a displacing agency will result in the displacement of any person, the head of the displacing agency shall provide for the payment to the displaced person of:

(1) Actual reasonable expenses in moving such person, such person's family, business, farm operation, or other personal property;

(2) Actual direct losses of tangible personal property as a result of moving or discontinuing a business or farm operation, but not to exceed an amount equal to the reasonable expenses that would have been required to relocate such property, as determined by the head of the displacing agency;

(3) Actual reasonable expenses in searching for a replacement business or farm; and

(4) Actual reasonable expenses necessary to reestablish a displaced farm, nonprofit organization, or small business at its new site, but not to exceed ten thousand dollars ($10,000).

(b) Any displaced person eligible for payments under subsection (a) who is displaced from a dwelling and who elects to accept the payments authorized by this subsection (b) in lieu of the payments authorized by subsection (a) may receive an expense and dislocation allowance, which shall be determined according to a schedule established by the governor or the governor's designee.

(c) Any displaced person eligible for payments under subsection (a) who is displaced from the person's place of business or farm operation and who is eligible under criteria established by the governor or the governor's designee may elect to accept the payment authorized by this subsection (c) in lieu of the payment authorized by subsection (a). Such payment shall consist of a fixed payment in an amount to be determined according to criteria established by the governor or the governor's designee, except that such payment shall not be less than one thousand dollars ($1,000) nor more than twenty thousand dollars ($20,000). A person whose sole business at the displacement dwelling is the rental of such property to others shall not qualify for a payment under this subsection (c).