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5. SECTION 8 TENANTS <br />When you do move, you may be eligible to transfer your Section 8 eligibility to a replacement site. In <br />such cases, a comparable replacement dwelling will be determined based on your family composition at <br />the time of displacement and the current housing program criteria. This may not be the size of the unit you <br />currently occupy. Your relocation representative will provide counseling and other advisory services <br />along with moving benefits. <br />6. REPLACEMENT HOUSING PAYMENT - HOMEOWNERS <br />A. If you own and occupy a dwelling to be purchased by the Displacing Agency for at least 180 days <br />prior to the initiation of negotiation, you may be eligible to receive a payment of up to $31,000.00 <br />to assist you in purchasing a comparable replacement unit. This payment is intended to cover the <br />following items: <br />1. Purchase Price Differential - An amount which, when added to the amount for which the <br />Displacing Agency purchased your property, equals the lesser of the actual cost of your <br />replacement dwelling; or the amount determined by the Displacing Agency as necessary to <br />purchase a comparable replacement dwelling. Your relocation representative will explain <br />both methods to you. <br />2. Mortgage Interest Differential - The amount which covers the increased interest costs, if <br />any, required to finance a replacement dwelling. Your relocation representative will <br />explain limiting conditions. <br />3. Incidental Expenses - Those one time incidental costs related to purchasing a replacement <br />unit, such as escrow fees, recording fees, and credit report fees. Recurring expenses such as <br />prepaid taxes and insurance premiums are not compensable. <br />B. Rental Assistance Option - If you are an owner -occupant and choose to rent rather than purchase <br />a replacement dwelling, you may be eligible for a rental assistance payment of up to the amount <br />that you could have received under the Purchase Price Differential, explained above. The payment <br />will be based on the difference between the fair market rent of the dwelling you occupy and the <br />rent you must pay for a comparable replacement dwelling. <br />If you receive a rental assistance payment, as described above, and later decide to purchase a <br />replacement dwelling, you may apply for a payment equal to the amount you would have received <br />if you had initially purchased a comparable replacement dwelling, less the amount you have <br />already received as a rental assistance payment. <br />7. QUALIFICATION FOR, AND FILING OF, RELOCATION CLAIMS <br />To qualify for a Replacement Housing Payment, you must rent or purchase and occupy a comparable <br />replacement unit within one year from the following: <br />• For a tenant, the date you move from the displacement dwelling. <br />• For an owner -occupant, the latter of: <br />a. The date you receive final payment for the displacement dwelling, or, in the case of <br />condemnation, the date the full amount of estimated just compensation is deposited in <br />court; or <br />55A-42 <br />