55B - RESO BRISTOL ST PROJ PHASE 4

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Payments to Non - Tenured Residential Tenants Non low- income residential tenants with less than 90 days of continuous occupancy prior to the City's acquisition offer presented to the owner will only be eligible to receive a moving expense. The table below is an example of how a rental assistance payment is calculated by using the rent to rent method: TABLE 11: RENTAL ASSISTANCE PAYMENT CALCULATION (RENT to RENT) Rent and Utilities at Displacement Dwelling $1,200.00 Annual Household Income $50,000.00 Number of Occupants of Household 5 Location of displacement dwelling Orange County Low income threshold $47,250.00 Base monthly rental lesser of 1 of 4) $1,200.00 Comparable rent and utilities $1,250.00 Computation of payment $1,250 minus $1,200 $50 x 42 months $2,100.00 TABLE 12: EXAMPLE OF PAYMENT CALCULATED FOR A LOW INCOME DISPLACEE: Rent and Utilities at Displacement Dwelling $1,200.00 Annual Household Income $46,000.00 Number of Occupants of Household 5 Location of displacement dwelling Orange Count Low income threshold $47,250.00 30% of monthly household income $46,000 divided by 12 x 30% $1,150.00 Base monthly rental lesser of 1 or 4 $1,150.00 Comparable rent and utilities $1,250.00 Computation of Payment $1,250 minus $1,150 $100 x 42 months $4,200.00 Down Payment Assistance to Tenants Who Purchase Residential displacees eligible to receive a rental assistance payment, may choose to utilize up to the amount of their rental assistance eligibility (including any Last Resort benefits) to purchase a replacement dwelling, provided that the entire eligibility amount is used toward the down payment and eligible incidental closing costs. In the case of Down payment Assistance claims, the City will arrange for the deposit of the total rental assistance eligibility amount in an open escrow account. Provisions will be included in the Page 115 RELOCATION PLAN Bristol Street Phase 4 Project