§ 14-3-6. DOWN PAYMENT BENEFIT.

(A)

A displaced person is eligible for a down payment benefit to assist the displaced person in making a down payment on the purchase of a comparable property only as provided in this section.

(B)

To be eligible for a down payment benefit a displaced person must have continuously resided in the dwelling from which the displaced owner is displaced for more than 90 days before the date:

(1)

that public notice was given that the dwelling would be included in a City project area or that the acquired dwelling would be acquired, and appropriated funds were available for the acquisition; or

(2)

that the City's agent made the first contact with the displaced person where price was discussed for the purpose of purchase.

(C)

A down payment benefit is the amount reasonably required as a down payment on a comparable property if the purchase was financed with a conventional loan. If a displaced person has received a rental assistance payment, the amount of the rental assistance benefit must be subtracted from a down payment benefit. A down payment benefit may include the expenses enumerated in Section 14-3-5(E) ( Calculation of Real Estate Purchase Benefit ). A down payment benefit may not exceed the lesser of:

(1)

$5,250; or

(2)

the actual amount of the down payment made by the displaced person on a comparable property plus the expenses enumerated in Section 14-3-5(E) ( Calculation of Real Estate Purchase Benefit ).

(D)

A displaced person must apply the full amount of a down payment benefit to the purchase price of a comparable property. Compliance with this subsection must be shown in the closing statement.

Source: 1992 Code Sections 15-8-2, 15-8-6, and 15-8-9; Ord. 031204-12; Ord. 031211-11.