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The Station District Project <br />*Gross income means the total amount of annual income of a household less the following: (1) a <br />deduction for each dependent in excess of three; (2) a deduction of 10% of total income for the <br />elderly or disabled head of household; (3) a deduction for recurring extraordinary medical <br />expenses defined for this purpose to mean medical expenses in excess of 3% of total income, <br />where not compensated for, or covered by insurance or other sources; (4) a deduction of <br />reasonable amounts paid for the care of children or sick or incapacitate family members when <br />determined to be necessary to employment of head of household or spouse, except that the amount <br />shall not exceed the amount of income received by the person who would not otherwise be able to <br />seek employment in the absence of such care. <br />3. Downpayment Assistance to Tenants Who Choose to Purchase <br />Displacees otherwise eligible to receive a Rental Assistance payment as previously <br />described, may choose to utilize the full amount of their rental assistance eligibility <br />amount (including Last Resort benefit) to purchase a home. Such payments shall be <br />deposited directly into an escrow account with provisions that allow the Agency to <br />recover its funds should the escrow be cancelled or not proceed in a timely manner. <br />These funds can be used as a downpayment and/or to pay for eligible non-recurring <br />closing costs. <br />4. Payment to Non-Tenured Residential Tenants <br />An eligible residential tenant who has actually and lawfully occupied the displacement <br />dwelling for less than 90 days immediately prior to the initiation of negotiations is <br />entitled to receive a moving expense payment. Additionally, non-tenured residential <br />tenants may qualify for a rental assistance payment under the provisions of Last Resort <br />Housing assistance (see Last Resort Housing, Section IV, E). Such assistance is <br />authorized when comparable replacement housing is not available at rental rates within <br />the tenant's financial means (30% of gross monthly household income). Last Resort <br />Housing assistance to non-tenured households is based solely on income. <br />5. Replacement Housing Assistance for Homeowners <br />Homeowners displaced by this Project will be eligible for relocation replacement <br />housing payments, if the following conditions are met: <br />(a) The household has owned and occupied their unit for not less than 180 days prior <br />to the Initiation of Negotiations, and <br />(b) The household purchases and occupies a replacement unit within one year from: <br />(i) the date that the household receives the final payment from the displacing <br />entity for all the costs of the acquired unit - or - (ii) the date that the household <br />vacates the acquired unit, whichever is later. <br />Displaced homeowner households will receive assistance in locating a "comparable <br />replacement" unit and will be eligible for the following benefits, not-to-exceed <br />$22,500: <br />15 <br />55A-20