55F - RESO - FIRST ST APARTMENTS

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First Street Apartments Project Relocation Plan TABLE 6: Example Computation of URA Rental Assistance Payments 1. Old Rent $650 Old Rent and Utilities or 2. Ability to Pay $700 30% of the Gross Household Income (if Lowlncome) 3. Lesser of lines 1 or 2 $650 Base Monthly Rental Subtracted From: 4. Actual New Rent $750 Actual New Rent and Estimated Utilities or 5. Comparable Rent $775 Determined by Developer (includes estimated utilities) 6. Lesser of lines 4 or 5 $750 7. Yields Monthly Need $100 Subtract line 3 from line 6 8. Rental Assistance $4,200 Multiply line 7 by 42 months 3. Downpayment Assistance to Tenants Who Choose to Purchase The displaced household may opt to apply the entire benefit amount for which they are eligible toward the purchase of a replacement unit (Guidelines 49 CFR 24.402(b) and HUD 1378). A displaced household, who chooses to utilize up to the full amount of their rental assistance eligibility (including any Last Resort benefits) to purchase a home, will have the funds deposited in an open escrow account, provided that the entire amount is used for the downpayment and eligible, incidental costs associated with the purchase of a decent, safe, and sanitary replacement home. A provision shall be made in the escrow arrangements for the prompt return of the Developer funds, in the event escrow should fail to close within a reasonable period of time. Final determination about the type of relocation benefits and assistance for which the household is eligible will be determined upon verification of the household's occupants and income. D. GENERAL INFORMATION REGARDING THE PAYMENT OF RELOCATION BENEFITS Claims and supporting documentation for relocation benefits must be filed with the Developer and City staff no later than 18 months after the date of displacement. Relocation benefits will be 20 55F -27