55D - RESO - RELOCATION PLAN BRISTOL ST IMPROVEMENTS

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be the Purchase Price Differential. For example, if the existing owner- occupants' dwelling is valued at $400,000 and it is determined that a comparable replacement dwelling is available for $420,000; the maximum Purchase Price Differential payment would be $20,000. In order to receive the $20,000 Purchase Price Differential payment, the owner- occupant must purchase and occupy a decent, safe and sanitary dwelling costing at least $420,000 within one year from the later of either displacement or payment of the purchase price of the dwelling acquired by the City. If the replacement dwelling costs less than $420,000, the Purchase Price Differential payment would be reduced to reflect the actual difference between the cost of the dwelling being acquired by the displacee and the price paid for the home by the City. NON - RECURRING CLOSING COSTS As a part of the cost associated with the purchase of a replacement dwelling, certain costs are generally incurred. These include, but are not limited to: appraisal fees, title and escrow fees, recording fees, loan processing fees, and cost for credit reports. These one -time fees associated with purchasing a replacement dwelling are reimbursable to the owner by the City. These expenses must be actually incurred and documented on a Final Closing Statement supplied by the escrow or title company. Recurring costs such as real estate taxes, insurance and association dues are not eligible as reimbursable costs. INCREASED MORTGAGE RATE DIFFERENTIAL PAYMENT In some cases, a displaced owner - occupant will find current market interest rates or program costs exceeding their existing program. Under California relocation guidelines and regulations, a payment may be made to enable the displacee to reduce their replacement mortgage balance to the level of the existing mortgage payment and remaining term, computed using the mortgage interest rate at the replacement dwelling and subject to the eligibility requirements. Except in the case of Last Resort Housing situations, and pursuant to the California relocation guidelines and regulations, payment for the combination of the Replacement Housing Payment, Non - Recurring Closing Costs and any Increased Mortgage Interest Differential Payment is limited to a maximum of $22,500. RELOCATION BENEFITS TO TENANT - OCCUPANTS Residential tenants who have established their residency in the displacement dwelling at least 90 days prior to the first written offer by the City, for the property acquisition, will be eligible to receive a Rental Assistance Payment ( "RAP "), in addition to a payment for moving expenses. Payment to residential tenants are determined on the basis of their current rent, their ability to pay, market rent of a comparable replacement dwelling and actual rent of the replacement unit plus any estimated cost increase for utilities. Except in the case of Last Resort Housing situations and, pursuant to California Relocation Law, any RAP is limited to a maximum of $5,250. A tenant who has established their residency in the displacement dwelling less than 90 days prior to the first written offer by the City, for the property acquisition, will only be eligible for a moving expense payment unless they qualify under Last Resort Housing. Such assistance is authorized when comparable replacement housing is not available at rental rates within the tenant's 55D522