55B - AA FOR RESO RELOCATION PLAN FOR WARNER AVE

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survey; preparation of a legal description and deed; recording fees; title insurance; revenue stamps and transfer taxes; loan application fees; loan origination fees; appraisal fees; a credit report; certification for structural soundness; and, termite inspection, when required. Prepaid recurring expenses for mortgage interest, property taxes and insurance are not compensable. The total Residential Housing Payment (RHP) is the sum of the Purchase Price Differential, Mortgage Interest Differential, and compensable Incidental Expenses. D. Last Resort Housing Based on data derived from the surveys and analyses of the occupants on the Project site and costs of replacement housing resources, it is anticipated that "comparable replacement housing" will not be available as required for some tenants. Specifically, for renters, when the computed replacement housing assistance eligibility exceeds $5,250 or replacement dwelling monthly rental costs (including utilities and other reasonable recurring expenses) exceeds 30% of the person's average monthly income. Therefore, if the Project proceeds, the City will authorize sufficient funds to provide housing of last resort. Due to the demonstrated number of available replacement housing resources, as shown earlier, the need to develop a replacement housing plan to produce sufficient number of comparable replacement dwellings will not be necessary. Rather, funds will be used to make payments in excess of the monetary limits specified in the statute ($5,25o); hence, satisfying the requirement that "comparable replacement housing" is available. The City will pay Last Resort Housing payments in two installments. Recipients of Last Resort rental assistance, who intend to purchase rather than re -rent replacement housing, will have the right to request a lump sum payment of all benefits in the form of down payment assistance. Tenant households receiving periodic payments will have the option to request a lump sum payment of remaining benefits to assistwith the purchase of a decent, safe and sanitary dwelling. E. Determinations of Comparable Housing Relocation staff would evaluate the cost of comparable replacement housing in the preparation of each individual NOE issued to residential displacees. For residential tenants and owner - occupants, the cost of comparable replacement housing would be determined primarily on a comparative basis of three, if possible, presently available, comparable dwellings. A Replacement Housing Valuation (RHV) Form would be prepared and placed in the file of each affected household. F. Relocation Benefits - Commercial Tenants, and Non- profit Organizations Eligible businesses would have two options with respect to claims for relocation assistance benefits: i. Compensation for actual reasonable and necessary moving and related expenses, or z. A fixed payment not to exceed $20,000 17 55B-28