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The Station District Project <br />1. Purchase Price Differential: <br />The displaced households will be entitled to receive an amount equal to the difference <br />between the price paid for the acquired unit and the amount required to purchase a <br />"comparable replacement" unit. The displacing entity is allowed the following <br />options in paying any price differential as explained in section 6102 of the <br />Guidelines: <br />(a) Comparative Method: On a case-by-case basis, the displacing entity will <br />determine the price of a "comparable replacement" unit, which is most <br />representative of the acquired unit, by selecting and considering the listing price <br />of at least three (whenever possible) "comparable replacement" units. <br />(b) Schedule Method: The displacing entity may establish a schedule of <br />reasonable acquisition costs of"comparable replacement" units based on a current <br />analysis of the housing market. <br />(c) Alternate Method: When neither the Comparative nor Schedule methods <br />are feasible, the displacing entity may use another reasonable method. <br />2. Other Payments: <br />Moreover, displaced homeowners will receive the following assistance: <br />(a) Payments to cover the cost between the difference of the household's <br />current debt or mortgage service and any increase in debt or mortgage costs <br />necessary to acquire a "comparable replacement" housing unit; and <br />(b) Incidental and reasonable one-time costs for acquiring a replacement unit, <br />such as escrow costs, and recurring and credit reporting fees. <br />3. Rental Assistance Option: <br />If a displaced homeowner household, which has purchased and occupied its current <br />unit at least 180 days prior to the "initiation of negotiations," desires to rent instead of <br />purchase a replacement unit, the household is eligible for all the benefits and <br />assistance that is available to tenant households. However, such replacement housing <br />payments may not exceed the payments for which the household would have been <br />entitled, if it had elected to purchase a replacement unit. <br />An owner displaced from a dwelling may be entitled to a Replacement Housing <br />Payment in the form of rental or downpayment assistance not-to-exceed $5,250 (prior <br />to consideration of eligibility for Last Resort Housing benefits - see Last Resort <br />Housing, Section IV, E), if the displacee: <br />a.. Has actually and lawfully occupied the displacement dwelling for at least <br />90 days immediately prior to the initiation of negotiations; and <br />16 <br />55A-21