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If the Rent Differential is over $7,200, you may be able to convert <br />the entire amount of the Rent Differential to a down payment <br />option. <br />The down payment option must be used for the acquisition of the <br />replacement dwelling, plus any eligible incidental expenses (see "90- <br />day Owner Occupants Incidental Expenses ") related to the purchase <br />of the property. You must work closely with your Relocation Agent <br />to ensure you can utilize the full amount of your down payment <br />option towards the purchase. <br />If any portion of the Rental Assistance Payment was used prior to <br />the decision to convert to a down payment option, those advance <br />payments will be deducted from the entire benefit. <br />Last Resort Housing <br />On most projects, an adequate supply of housing will be available <br />for sale and for rent, and the benefits provided will be sufficient to <br />enable you to relocate to comparable housing. However, there may <br />be projects in certain locations where the supply of available <br />housing is insufficient to provide the necessary housing for those <br />persons being displaced. In such cases, the City will utilize a method <br />called Last Resort Housing. Last Resort Housing allows the City to <br />construct, rehabilitate or modify housing in order to meet the needs <br />of the people displaced from a project. The City can also pay above <br />the statutory limits of $7,200, for Rental Assistance Payment and <br />$31,000, for a Purchase Price Differential in order to make available <br />housing affordable. <br />M <br />55B -110 <br />