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55A - RESO - DEPOT AT SANTIAGO PROJECT
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55A - RESO - DEPOT AT SANTIAGO PROJECT
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Last modified
4/5/2017 1:00:44 PM
Creation date
11/2/2015 9:29:43 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55A
Date
11/3/2015
Destruction Year
2020
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Depot at Santiago Project <br />Relocation Plan <br />3. Downpayment Assistance to Tenants Who Choose to Purchase <br />The displaced household may opt to apply the entire benefit amount for which they are <br />eligible toward the purchase of a replacement unit (Guidelines 49 CFR 24.402(b)). A <br />displaced household, who chooses to utilize up to the fall amount of their rental <br />assistance eligibility (including any Last Resort benefits) to purchase a home, will have <br />the fiords deposited in an open escrow account, provided that the entire amount is used <br />for the downpayment and eligible, incidental costs associated with the purchase of a <br />decent, safe, and sanitary replacement home. A provision shall be made in the escrow <br />arrangements for the prompt return of the Developer's funds, in the event escrow should <br />fail to close within a reasonable period of time. <br />Final determination about the type of relocation benefits and assistance for which the <br />household is eligible will be detennined upon verification of the household's occupancy <br />status and income. <br />4. Determination of Comparable Housing <br />Relocation staff will evaluate the cost of comparable replacement housing in the <br />preparation of each individual Notice of Eligibility issued to residential displacees. For <br />residential occupants, the cost of comparable replacement housing will be determined by <br />the comparable method, which determines the most comparable dwellings in the local <br />market for each type of unit needed and as defined on Page 12 number 4. <br />C. LAST RESORT HOUSING <br />Specifically, for renters, when the computed replacement housing assistance eligibility exceeds <br />$7,200 or replacement dwelling monthly rental costs (including utilities and other reasonable <br />recurring expenses) exceeds 30% of the person's average monthly income, Last Resort Housing <br />will have to be provided. <br />Therefore, if the Project is to go forward, the Developer will authorize its fields or funds <br />authorized for the Project to provide housing of last resort. Funds will be used to make payments <br />in excess of the monetary limit specified in the statute ($7,200); hence, satisfying the <br />requirement that "comparable replacement housing" is available. <br />A displaced tenant household will be entitled to consideration for supplementary benefits in the <br />form of Last Resort Housing assistance when the computed replacement housing assistance <br />eligibility exceeds $7,200 or replacement dwelling monthly rental costs (including utilities and <br />other reasonable recurring expenses) exceed 30% of the person's average monthly income <br />(financial means) or when a tenant fails to meet the 90 -day occupancy requirement and <br />comparable replacement rental housing is not available within the displaced person's financial <br />55A-21 <br />
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