1974-03 CRA - Laserfiche WebLink

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a., Functionally equivalent and substantially the same as the 'acqhired dwelling, but not excluding newly constructed housing. , b. Adequate in size to meet the needs of the displaced family or individual. However, at the option of the displaced person, a replacement dwelling may exceed his needs when the replacement dwelling has the same number of rooms or the equivalent square footage as the dwelling from which he was displaced. c. Open to a¡l persons regardless of race, color, religion, or national origin, consistent with the requirements of the Civil Rights Act of 1964 and Title VIII of the Civil Rights Act of 1968. d. Located in an area not generally less desirable than the one in which the acquired dwelling is located, with respect to: . (1) Neighborhood conditions, including but not limited to municipal services and other environmental factors. Public utilities, and (2) (3) Public and commercial facilities. e. Reasonably accessible to the displaced person's place ,of employment or potential place of employment. f. Within the financial means of the displaced family or individual. g, Available on the market to the displaced person. h. If housing meeting the requirements of paragraph 5.2 is not available on 'the market, the head of a displacing agency may, upon a proper finding of the need therefor, consider available housing exceeding these basic criteria. 10.6 "Condominium". "Condomlnium"means a combination of co-ownership and ownership in severalty. It is an arrangement under which a family' or individual in a housing development holds full title to a one- family dwelling unit, including an undivided interest in common areas and facilities, and such restricted common areas and facilities, and such restricted common areas and facilities as may be designated. ~O.7 Conventional Loan. "Conventional Loan" means a mortgage commonly given by banks and savings and loan associ~tions to secure advances on, or the unpaid purchase price of real property, paYment of which is not insured by any agency of the State or Federal governments. 10.8 Counted Room. "Counted ,Room" means that space in a dwelling unit contailung the usual quantity of !1ousehold furniture, equipment and personal library, study, dining room, kitchen, laundry room, basement, bedroom, and garage. Rooms or storage areas which contain substantial amounts of personal property equivalent to one or more rooms may be counted as additional roomq. . II- 29 3b