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<br />Post-Flood Owner Purchase. <br /> <br />If for some reason, the property was acquired after the flood event, the offer to the property owner is (I) <br />the purchase price plus any verifiable repairs or (2) the pre-flood fair market value, whichever is less. <br /> <br />Note, the property owner is responsible for providing documentation verifying the purchase price and <br />verifiable repairs, i.e. receipts. <br /> <br />Relocation Assistance Categories <br /> <br />Based on the buyout categories listed above, two (2) types of "relocation" grants are available: <br /> <br />1. Replacement Housing Payment (maximum grant is $22,500) <br />2. Renter Relocation Assistance Grant (maximum grant is $5,250 plus moving costs) <br /> <br />Replacement Housine Payment <br /> <br />1. Maximum owner relocation grant a buyout participant may receive is $22,500. <br /> <br />2. Individuals and families entitled to a replacement housing payment are those that: <br /> <br />1. Own and occupy the dwelling participating in the buyout program whose property pre- <br />flood fair market value is $20,000 or less, and <br />2. Owned and occupied the dwelling participating during the incident period for the <br />disaster, and <br />3. Will purchase and occupy a decent, safe and sanitary replacement unit. <br /> <br />NOTE: All criteria listed above must be met to be eligible for a replacement housing payment. <br /> <br />3. The replacement housing payment is determined by the purchase price of the replacement <br />dwelling subtracted by the proceeds received for acquisition of the land at the old site. <br />4. An owner who qualifies to receive a replacement housing payment may only receive the fair <br />market value of the land and outbuildings, not the fair market value of the dwelling unit. <br />However, the city will take deed to both the land and structure. <br />5. It is the responsibility of the homeowner to locate a new replacement home and provide proof of <br />purchase to the grant administrator. <br />6. Mobile homes are eligible replacement dwelling units provided that the mobile home has been <br />purchased and transported to the dwelling site. prior to any replacement housing payment being <br />made. . <br />7. The city will not acquire the land nor make a replacement housing payment until the buyout site <br />is vacated and the new dwelling purchased and occupied. The grant administrator will coordinate <br />property closings to ensure that the property owner is provided with the replacement housing <br />payment in the most expedient manner possible. <br />8. The owner may choose between a straight buyout or a land plus replacement housing payment <br />offer, whichever creates a better financial assistance payment to the owner. <br /> <br />5 <br />