80B - LOAN AGMTS 703 N LACY 702 S RAITT

Home Browse Search

(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: (ii)The average monthly cost for rent and utilities at the displacement dwelling for a reasonable period prior to 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 (iii)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 C.) 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. Table 5 portrays the benefits determination under the URA: TABLE 5: Example Computation of URA Rental Assistance Payments 1.Old Rent $650 Old Rent and Utilities or 2. Ability to Pay $700 30% of the Gross Household Income (if Low Income) 3. Lesser of lines i or 2 $650 Base Monthly Rental Subtracted From: 4. Actual New Rent $750 Actual New Rent and Estimated Utilities or 5. Compazable Rent $775 Determined by Developer (includes estimated utilities) 6. Lesser of lines 4 or 5 $750 7. Yields Monthly Need: $100 Subtract line 3 from line 6 8. Rental Assistance $4,200 Multiply line 7 by 42 months 12 80B-25