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multiplied by 42 months. (See table below) A study was completed to determine the cost of a comparable replacement dwelling most nearly representative of your current dwelling. The study indicated that The dwelling located at «COMP ADDRESS>>, with a monthly rent and estimated utilities of $«COMP AMT» (rent of $«COMP RENT AMT» and utilities of $«COMP UTIL AMT>>) was the most representative of your current dwelling. Base monthly rent is defined as the lesser of: 1) $«DISPL AMT>>, which represents the average monthly rent ($«DISPL RENT AMT>>) and average monthly utilities ($«DISPL UTIL AMT>>) at your displacement dwelling (if you are paying little or no rent, the amount is based on the economic rental value of your dwelling); or 2) $<<INCOME30 AMT>>, which represents thirty (30) percent of your adjusted gross monthly household income. (If "N/A", income was not used in the calculation because the income information provided was insufficient evidence of income.) Based on the above, your base monthly rent amount is $<<BASE RENT AMT>>, and your maximum rental assistance payment is calculated as follows: Maximum Rental Assistance Payment Calculation 1 Comparable Dwelling Cost $0.00 2 Base Monthly Rent $0.00 3 Monthly Difference (Line 1 minus Line 2) $0.00 4 Maximum payment (difference times 42 months) $0.00 Your actual payment depends on the cost of the replacement dwelling you decide to rent. If you rent and occupy a replacement dwelling that rents for less than the comparable dwelling, your rental assistance payment will be based on the actual cost of your replacement dwelling. If you rent and occupy a replacement dwelling that rents for more than the comparable dwelling, your rental assistance payment will be limited by the cost of the comparable dwelling. Please find attached a listing of other available comparable replacement dwellings that you may want to consider renting. If you need any assistance or transportation to inspect these referrals, please contact the relocation agent identified below. B. If you BUY replacement housing, you may file a claim for DOWNPAYMENT ASSISTANCE payment. You may then use the full amount of your rental assistance payment, as calculated above ($<<MAX RENTAL AMT>>), for a down payment and incidental expenses (typically known as "closing costs' associated with the purchase of a replacement dwelling. All amounts used as a down -payment and incidental expenses must be applied to the purchase of the replacement dwelling. Any payments you may have received as rental assistance will be deducted from your down payment assistance. Let us know if you prefer to buy a replacement home, and we will help you find such housing. City Council 25 — 37 4/4/2023