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Relocation Plan far the OFIDC 1501 North Ross Street Rehabilitation Proiect <br />Table 8 portrays the benefits determination under the URA: <br />Table 8: Example Computation of URA RentaLAssistance Payments <br />1. Old Rent <br />$650 <br />Old Rent, plus Utility Allowance <br />or <br />2. Ability to Pay <br />$700 <br />30% of the Gross Household Income <br />3. Lesser of lines 1 or 2 <br />$650 <br />Base Monthly Rental <br />Subtracted From: <br />4. Actual New Rent <br />$750 <br />Actual New Rent including Utility Allowance <br />or <br />5. Comparable Rent <br />$775 <br />Determined by Authority; includes Utility Allowance <br />6. Lesser of lines 4 or 5 <br />$750 <br />7. Yields Monthly Need: <br />$100 <br />Subtract line 3 from line 6 <br />Rental Assistance. <br />$4,200 <br />Multiply line 7 by 42 months <br />C. Downpayment Assistance <br />The displacee household mayoptto applythe entire benefit amountthey are <br />eligible for toward a purchase of a replacement unit (Guidelines 49 CFR <br />24.402(b) and HUD 1378). <br />Permanently displaced households, who choose to utilize up to the full <br />amount of their rental assistance eligibility (including any Last Resort <br />benefits) to purchase a home, will have the funds deposited in an open <br />escrow account, provided that the entire amount is used for the <br />downpayment and eligible, incidental costs associated with the purchase of <br />a decent, safe, and sanitary replacement home. Provision shall be made in <br />the escrow arrangements forthe prompt return of the Developerfunds, in the <br />event escrow should fail to close within a reasonable period of time. <br />Prepared by Overland, Pacific & Cutler, Inc. Page 5 <br />7 -60 <br />