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A. Rental Assistance. If you wish to rent your replacement dwelling, your maximum rental <br />assistance benefits will be based upon the difference over aforty-two (42) month period <br />between the rent you must pay for a comparable replacement dwelling and the lesser of <br />your current rent or thirty percent (30%) of your monthly household income if your total <br />gross income is classified as "low income" by the U. S. Department of Housing and <br />Urban Development's (HUD) Annual Survey of Income Limits for Public Housing and <br />Section 8 Programs. You will be required to provide your relocation representative with <br />monthly rent and household income verification prior to the determination of your <br />eligibility for this payment. <br />-OR- <br />B. Down-payment Assistance. If you qualify, and wishl_to purchase a home as a <br />replacement dwelling, you can apply up to the total ainount:~f your rental assistance <br />payment towards the down-payment and non-reCttrring irfcideptal expenses. Your <br />relocation representative will clarify procedures necessary to apply foY,this payment. <br />5. SECTION 8 TENANTS <br />When you do move, you maybe eligible to transfer yoµr Sectiion''8 eligibility ter`a replacement <br />site. hi such cases, a comparable replacement dwelling will be determined based on your family <br />composition at the time of displacement and the current housipg program criteria. This may not <br />be the size of the unit you currently bccupy. Your reloeatioa representative will provide <br />counseling and other advisory services along with itrouing benefits. <br />A. If you own and occupy a <br />days prior to the ixtitiation <br />$22,500.00 to assist you inl <br />to cover the followine items <br />dwelling to be purchased by the Displacing Agency for at least 180 <br />of negofration, you may be eligible to receive a payment of up to <br />Furchasing,a comparable replacement unit. This payment is intended <br />1. " Purchase Price Differential - An amount which, when added to the amount for <br />which the Displacing <A.gii`ncy purchased your property, equals the lesser of the <br />actual cost i~f your replacement dwelling; or the amount determined by the <br />~?isplacing Agency as necessary to purchase a comparable replacement dwelling. <br />Y~t}r relocatiun`representative will explain both methods to you. <br />2. Murigage Interest Differential -The amount which covers the increased interest <br />costs, _if airy, required to fmance a replacement dwelling. Your relocation <br />representative will explain limiting conditions. <br />3. Incide7ital Expenses -Those one time incidental costs related to purchasing a <br />replacement unit, such as escrow fees, recording fees, and credit report fees. <br />Recurring expenses such as prepaid taxes and insurance premiums are not <br />compensable. <br />B. Rental Assistance Option - If you are an owner-occupant and choose to rent rather than <br />purchase a replacement dwelling, you may be eligible for a rental assistance payment of <br />up to the amount that you could have received under the Purchase Price Differential, <br />explained above. The payment will be based on the difference between the fair market <br />4-135 <br />