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Exhibit 4-4_55A_RIS
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Exhibit 4-4_55A_RIS
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Last modified
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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(4) Down Pavment <br />The down payment option has been designed to aid owner <br />occupants of 90 to 179 days and tenants with no less <br />than 90 days of continuous occupancy prior to the <br />Department's first written offer to purchase a <br />replacement dwelling. The down payment and incidental <br />expenses cannot exceed the maximum payment of $4,000.00. <br />The Department will determine the maximum down payment <br />that the displacee may be eligible to receive based on <br />typical down payments required for the financing of a <br />comparable dwelling with a conventional loan. There is <br />a "matching requirement," however, if the total required <br />down payment and other eligible costs exceed $2,000.00. <br />The displacee will receive $2,000.00 plus 50 percent of <br />any amount required in excess of $2,000.00 on a matching <br />basis up to the maximum of $4,000.00. This means that <br />the displaced person, eligible as defined above, will be <br />required to invest $2,000.00 of his own funds in order to <br />receive the maximum $4,000.00 under this option. The <br />one -year eligibility period in which to purchase and <br />occupy a "decent, safe, and sanitary" replacement <br />dwelling will apply. <br />(5) Last Resort Housinq <br />Federal regulations (49CFR Section 25) contain the policy <br />and procedure for implementing the Last Resort Housing <br />Program on Federal -Aid projects. The State Department of <br />Transportation, in order to maintain <br />
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