05 JTPH LACY & RAITT EX4 - Laserfiche WebLink

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Section 104(d) Purchase Assistance. if you buy a replacement home which is mutual or cooperative housing, you may be eligible for assistance based on the present value of the monthly payments you would receive if you rented a comparable replacement home for 60 months. Remember, the monthly payment is generally determined by subtracting 30 percent of your adjusted income from the monthly rent and estimated average monthly utility costs for a comparable replacement home. Example: Assuming the information in the prior section 104(d} example and a 4 percent return on passbook savings, the purchase assistance would be $9,231. Remember, your net monthly contribution is $180, and the monthly rent and estimated average monthly cost of utilities for a comparable replacement home total $350. The monthly difference is $170. The present value of 50 monthly payments of $170, discounted at 4 percent, is $9,231. The full amount of the payment must be applied to the purchase of the mutual or cooperative housing that you buy. URA Purchase Assistance for Renters. LIRA assistance to make a down payment is equal to the amount you would receive if you had rented a comparable replacement home (42 tithes-the amount obtained by subtracting the "base monthly rent" far your present home from the monthly rent and estimated average monthly cost of utilities for a comparable replacement home}. Remember, LIRA assistance is not limited to mutual housing or cooperatives. Example: Assuming the information in the prior URA examples, the assistance for a down payment would be $5,880. That amount is 42 times $140 {the difference between the "base monthly rent" for your present home ($210) and the monthly rent and estimated average monthly utility costs for a comparable replacement home ($350)}. The full amount of the payment must be applied to the purchase of your new home. 5. CURRENT HOUSING CHOICE VOUCHER TENANTS If you are currently using a Housing Choice Voucher (HCV}, when you do move, you may be eligible to transfer your HCV 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. If the rent and estimated average monthly utility costs for both the comparable replacement home and the unit to which you relocate exceed the voucher "payment standard," you will qualify for cash assistance to cover the gap based on the assistance option chosen {URA or Section 104{d}}. 6. QIJA__LI_FICATION FOR, AND FILING 01=, 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 fallowing: