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Section 104(d~ Purchase Assistance. <br />If you buy a replacement home which is mutual or cooperative housing, you may be <br />eligible for assistance based on the present value of the monthly payments you would <br />receive if you rented a comparable replacement home for 60 months. Remember, the <br />monthly payment is generally determined by subtracting 30 percent of your adjusted <br />income from the monthly rent and estimated average monthly utility costs for a <br />comparable replacement home. <br />Example: Assuming the information in the prior section 104(d),;example and a 4 percent <br />return on passbook savings, the purchase assistance would b~ $9;2=~ 1. Remember, your <br />net monthly contribution is $180, and the monthly rent,,yahd„estimated average monthly <br />cost of utilities for a comparable replacement home totaL$~350. ,.,The monthly difference is <br />$170. The present value of 60 monthly payments ~' $170, discgnnted at 4 percent, is <br />$9,231. The full amount of the payment must be applied;to the purchase of the mutual or <br />cooperative housing that you buy. <br />URA Purchase Assistance for Renters. <br />URA assistance to make a down payment is equal t4 the amount you would receive if you <br />had rented a comparable replacetlaent home (42 times the amount obtained by subtracting <br />the "base monthly rent" for your present home from the... monthly rent and estimated <br />average monthly cost of utilities for a corzt~arable replacem~rt~='liome). Remember, URA <br />assistance is not limited to mutual hotisine or cadneratives...:. ` <br />Example: Assun~tkg the information jrt-the prior >7RA examples, the assistance for a <br />down payment would be $5;880. That amount is 42 times $140 (the difference between <br />the "base mpri[hly rent" for your present home. ($210) and the monthly rent and estimated <br />average monthly utility casts for a compafa~le replacement home ($350)). The full <br />amount of the paymestt must be ached ta;;the purchase of your new home. <br />If you are, currently using a,Housing Choice Voucher (HCV), when you do move, you maybe <br />eligible to transfer your HCU eligibility to a replacement site. In such cases, a comparable <br />replacement dwelling will be'determined based on your family composition at the time of <br />displacement and the current housing program criteria. This may not be the size of the unit you <br />currently occupy. Your relocation representative will provide counseling <br />and other advisory services along with moving benefits. If the rent and estimated average <br />monthly utility costs'"for both the comparable replacement home and the unit to which you <br />relocate exceed the voucher "payment standard," you will qualify for cash assistance to cover the <br />gap based on the assistance option chosen (LJRA or Section 104(d)). <br />6. QUALIFICATION FOR, AND FILING OF. RELOCATION CLAIMS <br />To qualify for a Replacement Housing Payment, you must rent or purchase and occupy a <br />comparable replacement unit within one year from the following: <br />4-144 <br />