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Exhibit 4-4_55A_RIS
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Exhibit 4-4_55A_RIS
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7/2/2014 7:46:44 AM
Creation date
1/29/2014 3:40:57 PM
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City Clerk
Agency
Public Works
Item #
55A
Date
2/4/2014
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(2) Purchase Supplement <br />In addition to moving and related expense payments, <br />fully eligible homeowners may also be entitled to <br />payments for increased costs of replacement housing, <br />if any. <br />Homeowners who have owned and occupied their property <br />for 180 days prior to the date of the first written <br />offer to purchase, may qualify to receive a price <br />differential payment. If this payment is made, the <br />Department determines that the cost to buy a replace- <br />ment dwelling is more than the amount being paid for <br />the displacent dwelling. In addition, these owner - <br />occupants may also qualify to receive payments for <br />certain nonrecurring costs incidental to the purchase <br />of a replacement property. An Interest Differential <br />Payment is also available if the interest rate for the <br />loan(s) on the replacement dwelling is higher than the <br />loan(s) on the displacement dwelling. The maximum <br />combination of these three supplemental payments that <br />the owner - occupants can receive is $15,000.00. If the <br />total entitlement (without the moving payments) is in <br />excess of $15,000.00, the last resort housing program <br />will be used. See Section 5, for an explanation. <br />
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