If an owner occupant of at least 180 days elects to rent a replacement dwelling, do you consider the owners income in the calculation of the replacement housing payment?
No. The income of an owner who elects to rent a replacement dwelling is not considered in the calculation of a rent supplement for a 180-day owner. The income test is not appropriate to use for an owner who goes from an owner to a tenant status. The amount of the rental assistance payment is based on a determination of market rent for the acquired dwelling compared to a comparable rental dwelling available on the market. There is no income test for owners, and it was not the intent of this subpart to impose such as test. 101. ยง24.402(c). What are the limitations on the payment of incidental expenses for a tenant who elects to purchase a replacement dwelling? All incidental expenses actually incurred by a tenant for the purchase of a replacement dwelling and which are customarily paid by the buyer, can be included in the computation of down payment assistance to the extent the total payment does not exceed the amount of the computed rental assistance.
Related Questions
- If an owner occupant of at least 180 days elects to rent a replacement dwelling, do you consider the owners income in the calculation of the replacement housing payment?
- What are the limitations on the payment of incidental expenses for a tenant who elects to purchase a replacement dwelling?
- What should a tenant do if they think they are being evicted so an owner can rent their dwelling unit to Games visitors?
