80A - LOAN AGMTS ROSS & DURANT - Laserfiche WebLink

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Relocation Plan/or the OHDC 1501 North Ross Street Rehabilitation Project Rental Assistance payment amounts are equal to 42 times the difference between the base monthly rent and the lesser of: (i) The monthly rent and estimated average monthly cost of utilities for a comparable replacement dwelling; or (ii) The monthly rent and estimated average monthly cost of utilities for the decent, safe, and sanitary replacement dwelling actually occupied by the displaced person. The base monthly rent for the displacement dwelling is the lesser of: (i) The average monthly cost for rent and utilities at the displacement dwelling for a reasonable period priorto displacement, as determined by the Developer. For owner-occupants or households, which paid little or no rent, fair market rent will be used as a substitute for actual rent; or (ii) Thirty percent (30%) of the displaced person's average, monthly gross household income if the amount is classified as "low income" by the U. S. Department of Housing and Urban Development's (HUD) Annual Survey of Income Limits for the Public Housing and Section 8 Programs. HUD's Survey is shown as Exhibit B. If a displacee refuses to provide appropriate evidence of income or is a dependent, the base monthly rent shall be determined to be the average monthly cost for rent and utilities at the displacement dwelling; or (iii) The total of the amount designated for shelter and utilities if receiving a welfare assistance payment from a program that designated the amounts for shelter and utilities. Utility allowance amounts are based upon the standards of the local housing authority for a comparable type dwelling unit and the utility services the occupant is required to pay, such as, gas, water and electric utilities. Prepared by Overland, Pacific & Cutler, Inc. Page 17 80A-27