49 CFR Part 24 Subpart E - PowerPoint PPT Presentation

1 / 21
About This Presentation
Title:

49 CFR Part 24 Subpart E

Description:

49 CFR Part 24 Subpart E Replacement Housing Payments Key Topics Comparability. Computation basics. Income considerations. Housing payments. Comparability New ... – PowerPoint PPT presentation

Number of Views:114
Avg rating:3.0/5.0
Slides: 22
Provided by: Rober485
Category:
Tags: cfr | base | inspection | part | risk | subpart

less

Transcript and Presenter's Notes

Title: 49 CFR Part 24 Subpart E


1
49 CFR Part 24Subpart E
  • Replacement Housing Payments

2
Key Topics
  • Comparability.
  • Computation basics.
  • Income considerations.
  • Housing payments.

3
Comparability
  • New definition of dwelling site
  • In 24.2(a)(11) a land area that is typical in
    size for similar dwellings located in the same
    neighborhood or rural area.
  • Reason to clarify what to look for when looking
    for comparable properties, what to compare the
    displacement dwelling to.

4
Comparable Replacement Dwelling
  • Slightly revised definition in 24.2(a)(6)
  • Removed style of living phrase.
  • Reason functionally equivalent, but not a
    twin.

5
Comparable Replacement Dwelling
  • New 24.2(a)(6)(ix) only applies to persons
    displaced from government-assisted housing.

6
What is Income?
  • Household income applies to base monthly rental
    calculation.
  • Household income required under revised
    24.402(b)(2)(ii) to compute replacement housing
    payment for 90-day, and less than 90-day,
    occupants.

7
Lets See How It Works
  • Please refer to example entitled
  • What is the Household Income?

8
Income Considerations
  • New Definition 24.2(a)(14) Household Income
    means total gross income received for a 12-month
    period from all sources (earned and unearned).

9
Income Considerations (cont.)
  • Including, but not limited to
  • Wages.
  • Salary.
  • Child support.
  • Alimony.
  • Unemployment benefits.
  • Workers compensation.
  • Social security.
  • Net income from a business.

10
Income Considerations (cont.)
  • It does not include income received or earned by
    dependent children and full-time students under
    18 years of age.

11
Income Considerations (cont.) 24.402(b)(2)(ii)
  • Use 30 of monthly household income only when
    tenants and occupants are considered low
    income.

12
Exclusions from Income
  • 24.2(a)(14) excludes earnings of dependent
    children under 18.
  • Appendix A refers to a HUD published list of
    Federally Mandated Exclusions From Income.
  • Available on FHWAs Web site at

http//www.fhwa.dot.gov/realestate/exclusions.htm
13
Finding Income Exclusions and Low Income Limits
http//www.fhwa.dot.gov/realestate/index.htm
Access is available on the FHWA Realty homepage.
14
Lets See How it Works
  • Please refer to example entitled
  • Rental Replacement Housing Calculations for Low
    Income Tenants

15
90 Day Occupants Downpayment Assistance
24.402(c)
  • Agency can elect maximum 5,250 downpayment and
    apply uniformly.
  • Downpayment no longer limited to conventional
    loan downpayment amount.

16
Cost of Comparable Dwelling 24.403(a)(1)
  • Adjustment of asking price no longer allowed

17
Incidental Expenses 24.401(e)(4)
  • Professional home inspection is now specifically
    eligible for reimbursement.

18
Housing Options
  • 24.401(f) 180-day owner who rents

Eligible for Purchase RHP 19,500
Market Rental Computation 12,500
Prior Limit 5,250
NEW LIMIT
19
Lets See How it Works
  • Please refer to example entitled
  • 180-day Owners Who Rent

20
Last Resort
  • Payment limits (5,250 - 22,500) are set aside.
  • Less than 90 day occupants could receive rental
    assistance.

21
Lets See How it Works
  • Please refer to example entitled
  • Less Than 90-Day Tenant
Write a Comment
User Comments (0)
About PowerShow.com