55D - RESO - RELOCATION PLAN BRISTOL ST IMPROVEMENTS

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Tenant - occupants may be eligible for a payment up to $5,250 to assist in renting or purchasing a comparable replacement dwelling. hi order to qualify, you must be a tenant who has occupied your present dwelling for at least 90 days immediately prior to the City's first offer to purchase the property. A. Rental Assistance. If you wish to rent your replacement dwelling, your rental assistance benefits will be based upon the difference over a forty -two (42) month period between the lesser of the rent of your actual replacement dwelling and rent you must pay for a comparable replacement dwelling, and the lesser of your current rent or thirty percent (30 %) of your monthly household income if your total gross income is classified as "low income" by the U. S. Department of Housing and Urban Development's Annual Survey of Income Limits for Public Housing and Section 8 Programs. You will need to verify your monthly rent and household income in order to determine eligibility for this payment; or B. Down payment Assistance. If you qualify, and wish to purchase a home as a replacement dwelling, you can apply up to the total amount of your rental assistance payment toward the down payment and non - recurring incidental expenses. Your relocation representative will clarify procedures necessary to apply for this payment. V. "SECTION 8" TENANTS When you do move, you maybe eligible to transfer your Section 8 eligibility to a replacement site. In such cases, a comparable replacement dwelling will be determined based on your family composition at the time of displacement and the current housing program criteria. This may not be the size of the unit you currently occupy. Your relocation representative will provide counseling and other advisory services along with moving benefits. VI. REPLACEMENT HOUSING PAYMENT - HOMEOWNERS A. If you owned and occupied a dwelling purchased by the City for at least 180 days prior to the first offer to purchase, you may be eligible to receive a payment of up to $22,500 to assist you in purchasing a comparable replacement dwelling. If you choose to rent rather than purchase a replacement dwelling, the payment will be based on a determination of market rent for the acquired dwelling compared to a comparable rental dwelling available on the market. This payment is intended to cover the following items: Purchase Price Differential - An amount which, when added to the amount for which the City purchased your property, equals the lesser of the actual cost of your replacement dwelling; or the amount determined by the City as necessary to purchase a comparable replacement dwelling. Your relocation representative will explain both methods to you. 2. Mortgage Interest Differential — A payment to cover any increased mortgage interest costs for the replacement dwelling. Incidental Expenses — A payment for one time incidental costs related to 30 55D -37