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m/o n u m e nt Fairview Bridge Replacement and Street Improvements: Relocation Plan B. Down -payment Assistance. If you qualify and wish to purchase a home as a replacement dwelling, you can apply up to the total amount of your rental assistance payment towards the down -payment and non -recurring incidental expenses. Your relocation representative will clarify procedures necessary to apply for this payment. S. SECTION 8 TENANTS When you do move, you may be eligible to transfer your Section 8 eligibility to a replacement site. In such cases, a comparable replacement dwelling will be determined based on your family composition at the time of displacement and the current housing program criteria. This may not be the size of the unit you currently occupy. Your relocation representative will provide counseling and other advisory services along with moving benefits. 1-�:»JW_[r14u1Vk8:1011RIG14:7- '1L14►k=Ud]UZl:1*1 RJ4.[,1 A. If you own and occupy a dwelling to be purchased by the City for at least 90 days prior to the initiation of negotiation, you may be eligible to receive a payment of up to $31,000.00 to assist you in purchasing a comparable replacement unit. This payment is intended to cover the following items: 1. Purchase Price Differential - An amount which, when added to the amount for which the City purchased your property, equals the lesser of the actual cost of your replacement dwelling; or the amount determined by the City as necessary to purchase a comparable replacement dwelling. Your relocation representative will explain both methods to you. 2. Mortgage Interest Differential - The amount which covers the increased interest costs, if any, required to finance a replacement dwelling. Your relocation representative will explain limiting conditions. 3. Incidental Expenses - Those one-time incidental costs related to purchasing a replacement unit, such as escrow fees, recording fees, and credit report fees. Recurring expenses such as prepaid taxes and insurance premiums are not compensable. B. Rental Assistance Option - If you are an owner -occupant and choose to rent rather than purchase a replacement dwelling, you may be eligible for a rental assistance payment of up to the amount that you could have received under the Purchase Price Differential, explained above. The payment will be based on the difference between the fair market rent of the dwelling you occupy and the rent you must pay for a comparable replacement dwelling. If you receive a rental assistance payment, as described above, and later decide to purchase a replacement dwelling, you may apply for a payment equal to the amount you would have received if you had initially purchased a comparable replacement dwelling, less the amount you have already received as a rental assistance payment. 7. OUALIFICATION FOR. AND FILING OF, RELOCATION CLAIMS To qualify for a Replacement Housing Payment, you must rent or purchase and occupy a comparable replacement unit within one year from the following: For a tenant, the date you move from the displacement dwelling. For an owner -occupant, the latter of: a. The date you receive final payment for the displacement dwelling, or, in the case of City Council 39 — 53 4/5/2022