2225. PURCHASE OF REPLACEMENT HOUSING: TENANTS

2225 PURCHASE OF REPLACEMENT HOUSING: TENANTS 2225.1 A 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. 2225.2 Upon 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). 2225.3 The 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).