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<br />Relocation Plan for the OHDC 1501 North Ross Street Rehabilitation Project <br /> <br />Table 8 portrays the benefits determination under the URA: <br /> <br />Table 8: Example Computation of URA Rental Assistance Payments <br />1. Old Rent $650 Old Rent, plus Utility Allowance <br /> or <br />2. Ability to Pay $700 30% of the Gross Household Income <br />3. Lesser of lines 1 or 2 $650 Base Monthly Rental <br />Subtracted From: <br />4. Actual New Rent $750 Actual New Rent including Utility Allowance <br /> or <br />5. Comparable Rent $775 Determined by Authority; includes Utility Allowance <br />6. Lesser of lines 4 or 5 $750 <br />7. Yields Monthly Need: $100 Subtract line 3 from line 6 <br />Rental Assistance $4,200 Multiply line 7 by 42 months <br /> <br />c. Downpayment Assistance <br /> <br />The displacee household may opt to apply the entire benefit amount they are <br />eligible for toward a purchase of a replacement unit (Guidelines 49 CFR <br />24.402(b) and HUD 1378). <br /> <br />Permanently displaced households, who choose to utilize up to the full <br />amount of their rental assistance eligibility (including any Last Resort <br />benefits) to purchase a home, will have the funds deposited in an open <br />escrow account, provided that the entire amount is used for the <br />downpayment and eligible, incidental costs associated with the purchase of <br />a decent, safe, and sanitary replacement home. Provision shall be made in <br />the escrow arrangements for the prompt return of the Developerfunds, in the <br />event escrow should fail to close within a reasonable period of time. <br /> <br />Prepared by Overland, Pacific & Cutler, Inc. <br /> <br />PagelS <br /> <br />80A-28 <br />