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financial means. A tenant who has occupied the displacement property less than 90 <br />days prior to the City's original written purchase offer to the property owner is eligible for <br />Last Resort Housing is based solely on income qualification. <br />Calculation Sample of <br />Select Lesser Of: <br />1. Old Rent <br />$750 <br />Old Rent plus utilities <br />OR <br />2. Ability to Pay <br />$650 <br />30% of gross household income <br />$650 <br />Yields Base Rent <br />Subtract Base Rent From The Lesser Of: <br />4. Comparable Rent <br />$800 <br />Replacement site plus utilities <br />OR <br />5. Actual Rent Paid <br />$750 <br />Actual new rent plus utilities <br />$750 <br />Yields New Rent Factor <br />Rental Assistance Payment <br />6. Monthly Need <br />1 $100 <br />Rent Factor $750) minus Base Rent $650 <br />Payment <br />1 $4,200 <br />Monthly Need multiplied by 42 months <br />Tenants may choose to use their RAP for a down payment allowance and /or non- <br />recurring closing costs when electing to purchase a replacement home. <br />LAST RESORT HOUSING <br />California Relocation Assistance Law (Government Code 7260), California Code of <br />Regulations, Title 25, Chapter 6 contains policy and procedures for implementing a Last <br />Resort Housing Program. This program is authorized by statute if affordable replacement <br />housing cannot be found within the basic statutory relocation amount of $5,250 for <br />tenants and $22,500 for owner occupants. <br />Based on the results of our survey, all of the households in the Project area will likely <br />qualify for Last Resort Housing. The following is the recommended course of action for <br />the Project displacees and a summary of their entitlements for replacement housing: <br />• Provide additional rental assistance and replacement housing payments above <br />the statutory limits of $5,250 and $22,500, respectively, with payments being <br />made toward the rent differential or down payment to purchase a replacement <br />site. <br />RELOCATION BENEFITS TO DISPLACED BUSINESSES <br />Business displacees are entitled to receive advisory and financial assistance to relocate <br />to a replacement site. A displaced business may be eligible for actual reasonable <br />moving and related expenses and up to $10,000 for Reestablishment Expenses. These <br />costs can be summarized as follows: <br />556-23 <br />