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WIM <br />B. Down - payment Assistance. If you qualify, and wish to purchase a home as a replacement <br />dwelling, you can apply up to the total amount of your rental assistance payment towards the <br />down - payment and non - recurring incidental expenses. Your relocation agent will clarify <br />procedures necessary to apply for this payment. <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 <br />at the time of displacement and the current housing program criteria. This may not be the size of the <br />unit you currently occupy. Your relocation agent will provide counseling and other advisory services <br />along with moving benefits. <br />A. If you own and occupy a dwelling to be purchased by the Displacing Agency for at least 180 <br />days prior to the initiation of negotiation, you may be eligible to receive a payment of up to <br />$22,500.00 to assist you in purchasing a comparable replacement unit. This payment is intended <br />to cover the 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 agent will explain both <br />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 agent will explain limiting <br />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 <br />purchase a replacement dwelling, you may be eligible for a rental assistance payment of up <br />to the amount that you could have received under the Purchase Price Differential, explained <br />above. The payment will be based on the difference between the fair market rent of the <br />dwelling you occupy and the 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 <br />received if you had initially purchased a comparable replacement dwelling, less the amount you <br />have already received as a rental assistance payment. <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 />55F -49 <br />