Section 10-B2225. PURCHASE OF REPLACEMENT HOUSING: TENANTS

 

2225.1A displaced person who is a tenant of a dwelling and who is eligible for a rental replacement housing payment under §2227, and who elects to purchase a replacement dwelling, shall be eligible to receive an amount, not to exceed four thousand dollars ($4,000), for a downpayment on the purchase of a replacement dwelling, including the expenses incidental to the purchase.

 

 

2225.2Upon purchase and occupancy of a decent, safe, and sanitary dwelling within one (1) year from the date of completion of the move, the displaced person shall be eligible for the following:

 

(a)That amount of the downpayment which is determined by the Relocation Office as equivalent to the downpayment required on a comparable dwelling financed with a conventional loan, plus eligible incidental expenses, when the total amount thereof does not exceed two thousand dollars ($2,000); or

 

(b)An amount equal to two thousand dollars ($2,000) plus fifty percent (50%) of the amount in excess of two thousand dollars ($2,000); Provided, that the displaced person shall contribute fifty percent (50%) of the amount in excess of two thousand dollars ($2,000) when the downpayment, plus incidental expenses, is more than two thousand dollars ($2,000).

 

2225.3The full amount received for a downpayment shall be applied to the purchase price and incidental expenses, and the downpayment and incidental costs claimed must be shown in the closing statement.

 

source

§503(b) of the Relocation Regulations, Regulation No. 73-4, 19 DCR 599, 622 (February 21, 1973).