55A - RESO - BRISTOL ST PROJ PHASE 3A

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z. Thirty percent (307) of the displaced person's average monthly gross household income if the amount is classified as "low income" by HUD's Annual Survey of Income Limits for the Public Housing and Section 8 Programs. HUD's Survey is shown as Exhibit C. If a displacee refuses to provide appropriate evidence of income or is a dependent, the base monthly rent shall be determined to be the average monthly cost for rent and utilities at the displacement dwelling; or 3. The total of the amount designated for shelter and utilities if receiving a welfare assistance payment from a program that designated the amounts for shelter and utilities. Table 10 below illustrates the computation of a rental /down payment assistance payment amount. w 1. Old Rent $1,000 Old Rent, plus Utility Allowance Or z. Ability to Pay $950 307 of the Gross Household Income 3. Lesser of Lines 1 or z $950 Base Monthly Rental Subtracted From: 4. Actual New Rent $1,050 Actual New Rent including Utility Allowance Or 5. Comparable Rent $1,050 Determined by the City; includes Utility Allowance 6. Lesser of Lines 4 or 5 $1,050 7. Yields Monthly Need: $100 Subtract Line 3 from Line 6 Rental Assistance $4,200 Multiply Line 7 by 42 Months 3. Down payment Assistance .n a Day Owner-Occupants Who Choose Purchase Displacees otherwise eligible to receive a Rental Assistance Payment (RAP) as previously described may choose to utilize the full amount of their rental assistance eligibility to purchase a home. Such payments would be deposited directly to an escrow account with provisions that allow the City to recover its funds if the escrow is cancelled or does not proceed in a timely manner. Down payment assistance provided to a displaced owner- occupant cannot exceed the amount the owner would have received had the owner met the go -day occupancy requirement. 4. Payments to go Day Residential Owner- Occupants Residential owner - occupants who have established residency for at least go days prior to the City's offer to purchase may be eligible for up to $31,000 in replacement housing assistance, prior to consideration of eligibility for LRH assistance (see Last Resort Housing, Section IV.C). MAP -21 amended the maximum statutory benefit for RHPs for displaced homeowners to $31,000. The length of occupancy requirement for homeowners was reduced from 18o days to go days in occupancy before the ION. The amount of the RHP would be determined based on three separate elements: 1) purchase price differential; z) mortgage interest differential; and, 3) incidental expenses. IM 55A -30