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206 S. Flower Acquisition and Relocation <br />Relocation Plan <br /> <br />17 <br />7. Receipts of payment and all claim material will be maintained in the relocation case <br />file. <br /> <br />E. LAST RESORT HOUSING <br /> <br />Based on data derived from the Project site occupants and costs of replacement housing resources, <br />it is anticipated that Last Resort Housing will be required in both cases as part of this Project due <br />to the high cost of housing in the area and low incomes of the households. Last Resort Housing is <br />required when “comparable replacement housing” may not be available as required for the <br />households. Specifically, for tenants, when the computed replacement housing assistance <br />eligibility exceeds $5,250.00, Last Resort Housing will have to be provided. <br /> <br />Therefore, if the Project is to go forward, the City will authorize its funds or funds authorized for <br />the Project to provide housing of last resort. Funds will be used to make payments in excess of the <br />monetary limit specified in the statute ($5,250.00); hence, satisfying the requirement that <br />“comparable replacement housing” is available. <br /> <br />A displaced tenant-occupant household will be entitled to consideration for supplementary benefits <br />in the form of Last Resort Housing assistance when the computed replacement housing assistance <br />eligibility exceeds $5,250.00 or when a tenant fails to meet the 90-day occupancy requirement and <br />comparable replacement housing is not available within the displaced person’s financial means. <br /> <br />F. RELOCATION TAX CONSEQUENCES <br /> <br />In general, relocation payments are not considered income for the purpose of Division 2 of the <br />Internal Revenue Code of 1954, which has been redesignated as the Internal Revenue Code of <br />1986 (Title 26, U. S. Code), or for the purpose of determining the eligibility or the extent of <br />eligibility of any person for assistance under the Social Security Act (42 U. S. Code 301 et seq.) <br />or the Personal Income Tax Law, Part 10 (commencing with Section 17001) of the Revenue and <br />Taxation Code, or the Bank and Corporation Tax Law, Part II (commencing with Section 23001) <br />of Division 2 of the Revenue and Taxation Code. The above statement on tax consequences is not <br />intended as tax advice by the City or OPC. Displacees are responsible for consulting with their <br />own tax advisors concerning the tax consequences of relocation payments. <br />