Agenda Packet_2022-04-05 - Laserfiche WebLink

Home Browse Search

monument Fairview Bridge Replacement and Street Improvements: Relocation Plan provided. For owner -occupants or households, which paid little or no rent, fair market rent will be used as a substitute for actual rent; or 2. Thirty percent (30%) of the displaced person's average monthly gross household income if the amount is classified as "low income" by US Department of Housing and Urban Development's (HUD) Annual Survey of Income Limits for the Public Housing and Section 8 Programs. HUD's Survey is shown as Exhibit B. 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 7 below illustrates the computation of a rental/down payment assistance payment amount. Table 7: Computation of Rental Assistance Payments 1. Old Rent $650 1 Old Rent, plus Utility Allowance OR 2. Ability to Pay $700 30% of the Gross Household Income" 3. Lesser of Lines 1 or 2 $650 Base Monthly Rental Subtracted From: 4. Actual New Rent $750 Actual New Rent including Utility Allowance OR 5. Comparable Rent $775 Determined by the City; includes Utility Allowance 6. Lesser of Lines 4 or 5 $750 7. Yields Monthly Need: $100 Subtract Line 3 from Line 6 Rental Assistance $4,200 Multiply Line 7 by 42 Months 'Gross income means the total amount of annual income of a household less the following: (1) a deduction for each dependent in excess of three; (2) a deduction of 10% of total income for the elderly or disabled head of household; (3) a deduction for recurring extraordinary medical expenses defined for this purpose to mean medical expenses in excess of 3% of total income, where not compensated for, or covered by insurance or other sources; (4) a deduction of reasonable amounts paid for the care of children or sick or incapacitate family members when determined to be necessary to employment of head of household or spouse, except that the amount shall not exceed the amount of income received by the person who would not otherwise be able to seek employment in the absence of such care. 3. Down payment 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. 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 down payment 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 City Council 15 39 — 23 4/5/2022