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A study was completed to determine the cost of comparable replacement housing in proximity to <br /> where you live. The study indicated that the comparable available housing has a monthly rent and <br /> estimated utilities of $ (rent of$ and utilities of $ ). <br /> Base monthly rent is defined as the lesser of: <br /> (1) $ , which represents the average monthly rent ($ ) and average <br /> monthly utilities ($ ) at your displacement dwelling (if you are paying no rent, the <br /> amount is based on the economic rental value of your dwelling); or <br /> (2) $ , which represents thirty (30) percent of your gross monthly adjusted <br /> household income (If"N/A", income was not used in the calculation because it has been <br /> determined the income information provided was insufficient evidence of income.) <br /> Based on the above, your base monthly rent amount is $ and your maximum rental <br /> assistance payment is calculated below: <br /> Maximum Rental Assistance Payment Calculation <br /> 1 Comparable Dwelling Cost $ <br /> 2 Base Monthly Rent $ <br /> 3 Monthly Difference (Line 1 minus Line 2) $ <br /> 4 Maximum payment (difference times 42 months) $ <br /> Your actual payment depends on the cost of the replacement dwelling you decide to <br /> rent. If you rent and occupy a replacement dwelling that rents for less than the comparable <br /> dwelling, your rental assistance payment will be based on the actual cost of your replacement <br /> dwelling. If you rent and occupy a replacement dwelling that rents for more than the comparable <br /> dwelling, your rental assistance payment will be limited by the cost of the comparable dwelling. <br /> If you BUY replacement housina (Downaayment Assistance) <br /> You may use the amount of your rental assistance payment for down payment assistance. Should <br /> you choose to buy (rather than rent) a decent, safe and sanitary replacement home, you may use <br /> the full amount of your rental assistance payment ($ ), as calculated above for a <br /> down payment and incidental expenses (typically known as "closing costs') associated with the <br /> purchase of a replacement dwelling. You are not limited in the type of home you choose. <br /> If you have received any amount as rental supplements, then those amounts will be deducted from <br /> all eligible down payment calculations. Let us know if you would prefer to buy a replacement home, <br /> and we will help you find such housing. <br /> To be eligible for a replacement housing payment described above, you must rent or purchase and <br /> occupy a decent, safe and sanitary replacement dwelling within 12 months, as well as file claims for <br /> replacement housing or moving payments within 18 months from the date you move from your <br /> displacement dwelling. Failure to occupy the replacement dwelling or to submit claims within <br /> the above time limits could result in loss of moving and/or replacement housing benefits. <br /> You do not have to accept any dwelling referred to you by the Owner. You may choose your own <br /> replacement, but to qualify for relocation assistance payments it must first be inspected to assure that <br /> it meets the "decent, safe and sanitary" standards. <br /> City Council 27 — 68 7/16/2024 <br />