05 JTPH LACY & RAITT EX3 - Laserfiche WebLink

Home Browse Search

5, SECTION 8 TENANTS When you da move, you may be eligible to transfer your Section 8 eligibility to a replacement site. In such cases, a comparable replacement dwelling will be determined based on your family composition at the time of displacement and the current housing program criteria. This may not be the size of the unit you currently occupy. Your relocation representative will provide counseling and other advisory services along with moving benefits. 6. REPLACEMENT HOUSING PAYMENT -HOMEOWNERS A. If you own and occupy a dwelling to be purchased by the Displacing Agency for at least 1184 clays prior to the initiation of negotiation, you may be eligible to receive a payment of up to $22,500.00 to assist you in purchasing a comparable replacement unit. This payment is intended to cover the following items: I. Purchase Price Differential - An amount which, when added to the amount for which the Displacing Agency purchased your property, equals the lesser of the actual cost of your replacement dwelling; or the amount detemined by the Displacing Agency as necessary to purchase a comparable replacement dwelling:. Your relocation representative will explain bath methods to you. 2. Mortgage Interest Differential -The amount which covers the increased interest costs, if any, required to finance a replacement dwelling. Your relocation representative will explain Iimiting conditions. 3. Incidental Expenses -Those one tune incidental costs related to purchasing a replacement unit, such as escrow fees, recording fees,- and ere.dit report fees. Recurring expenses such as prepaid taxes and. insurance premiums are not compensable. B. Rental Assistance-.Option - If'you are an owner-occupant and choose to rent rather than purchase a replacement dwelling, you may be eligible for a rental assistance payment of up to the amount that you could have received under the Purchase Price Differential, explained above. The payment will be Lased on the difference between the fair market rent of the dwelling you occupy and the rent you mdst pay far a comparable replacement dwelling. If you receive a rental assistance payment, as described above, and later decide to purchase a replacement dwelling, you may apply for a payment equal to the amount you would have received if you had initially purchased a comparable replacement dwelling, less the amount you have already received as a rental assistance payment. 7. QUALIFICATION FOR AND FILING OF RELOCATION CLAIMS To qualify for a Replacement Housing Payment, you must rent ar purchase and occupy a comparable replacement unit within one year from the following: For a tenant, the date you move from the displacement dwelling. For an owner-occupant, the latter of: a. The date you receive final payment for the displacement dwelling, or, in the case of condemnation, the date the full amount of estimated just compensation is deposited in court; or b. The date the Displacing Agency fulfills its obligation to make available comparable replacement dwellings.